Liberty Global completed a full buyout of Belgian operator Telenet and delisted the company’s shares, as part of a strategy to increase the group’s overall value.
Liberty Global stated it had gained 100 per cent ownership of Telenet Group Holding through a simplified squeeze-out period which opened on 22 September and closed on 13 October.
During the period, it became compulsory for minority shareholders to sell their stock.
This enabled it to make a voluntary takeover bid via its wholly owned subsidiary Liberty Global Belgium, receiving acceptances for 1,156,941 Telenet shares.
A squeeze-out procedure was expected after Liberty Global attracted commitments from investors to sell shares and take its stake to just short of 95 per cent ownership in July this year. It paid €21 per share.
Telenet shares were subsequently delisted from the Euronext Brussels stock exchange, although CEO Mike Fries said in an earnings report in July it could relist the company in the future.
On the full takeover, Fries said the move would benefit the operator’s customers as well as Liberty Global stakeholders and shareholders “as we continue to simplify our business”.
“Under full Liberty Global ownership, Telenet will now undoubtedly be on a stronger footing to further grow the business, modernise its network and cement its preeminent position in Belgium for the long-term,” he added.
The post Liberty Global completes Telenet takeover appeared first on Mobile World Live.
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