Skip to main content
Home

Main navigation

  • Top stories
  • Health
  • Crime
  • Politics
  • Business
  • Tech
  • Culture
  • Sports
  • Weird
  • 1-1-2
Business
Liberty Global
Ziggo
Monday, 27 January 2014 - 12:16
Share this:
  • facebook
  • twitter
  • linkedin
  • whatsapp
  • reddit

Ziggo taken over by Liberty Global in €10b deal

As expected, Liberty Global has signed an agreement to acquire Dutch cable company Ziggo in a deal valued at about €10 billion. Liberty Global, which owns UPC cable group in the Netherlands, is offering €34.53 a share for Ziggo. Under the agreement, Ziggo shareholders will receive €11 in cash, 0.2282 class A ordinary shares and 0.5630 class C ordinary shares of Liberty Global for each Ziggo share, according to a news release. [[{"type":"media","view_mode":"media_large","fid":"27221","attributes":{"class":"media-image size-medium wp-image-7682","typeof":"foaf:Image","style":"","width":"300","height":"195","alt":"Ziggo"}}]] Ziggo - Photo: Bloomberg Both Ziggo’s management board and supervisory board believe that the Liberty’s offer is in the best interests of the company and its stakeholders, including its shareholders. The deal is subject to approval by the company's shareholders and regulators. Liberty already owns almost 30% in Ziggo. Now, the company will acquire the remaining ordinary shares of Ziggo or about 143.1 million shares. The combined footprint of the two companies will reach 7 million or over 90% of Dutch homes, the companies said in a statement. The companies have agreed to certain covenants in respect of financing, corporate governance, post-closing measures, strategy, organization, integration, employees, security and privacy for a duration of two to three years after settlement. Liberty said it recognizes that Ziggo’s management and employees will be vital to the combined Dutch business and expects to rely on their experience and expertise going forward. "Liberty will respect the existing employment rights and benefits of employees of Ziggo, including existing social plans, profit sharing schemes, covenants and collective labor agreements, as well as the terms of individual employment agreements between Ziggo and its employees, for the agreed duration of these arrangements and agreements or, if earlier, as soon as any new harmonization or redundancy plans have been negotiated," according to a news release. Ziggo’s head office and relevant head office functions will remain in Utrecht, which would be the head office for the combined Dutch businesses. Last week, Ziggo reported that it recorded an exponential profit increase of 80%, 347 million euros, over 2013. In October, Ziggo rejected an offer from Liberty saying that the proposed price was too low. The company did not disclose how much Liberty offered at that time.

Follow us:

Latest stories

  • Covid vaccine effectiveness falls to 0% a year after first series
  • Three life sentences in Caloh Wagoh assassinations trial
  • Skyrocketing interest in campers due to chaos at Dutch airports
  • Covid infections may be stabilizing at new peak, but hospital total jumps 20 percent
  • Nature reserve destroyed in farmer protest; Grocers lose millions in revenue
  • Warm temps mean more wasps in the Netherlands this summer

Top stories

  • Covid infections may be stabilizing at new peak, but hospital total jumps 20 percent
  • Bisexual people often victims of violence; Situation not improving
  • Delayed care in Covid cost at least 320,000 years of life: RIVM
  • Farmers' protests: Some 15 arrested at distribution blockades, 200 fined on highways
  • Over 350 monkeypox cases diagnosed in the Netherlands so far; First child tests positive
  • Police arrest new suspect for directing murder of journalist Peter R. de Vries

© 2012-2022, NL Times, All rights reserved.

Footer menu

  • Privacy
  • Contact
  • Partner content