Liberty Global announces stock repurchase programme
Michelle Clancy | 17-06-2013
Liberty Global has unveiled a $3.5 billion stock repurchase programme, looking to reward shareholders following its multibillion-dollar purchase of Virgin Media Inc. The initiative replaces a previous $1 billion buy-back programme, which was announced in December.
Liberty said it intends to complete the new repurchase programme over the next two years.
Liberty Global, led by media mogul John Malone, has forged ahead lately on an aggressive global expansion plan, with a focus on Europe. Earlier this month, Liberty Global completed its purchase of UK cable giant provider Virgin Media for $16 billion. This is part of a buying spree that includes the recent purchase of a 12.7% stake in Dutch cable operator Ziggo NV (ZIGGO.AE) for $808.3 million. It's also rumoured that Liberty Global is interested in German cable operator Kabel Deutschland, which is also in talks with Vodafone about a potential $13.3 billion takeover to allow Vodafone to compete more effectively with incumbent Deutsche Telekom.