Liberty Global closing in on Ziggo
January 6, 2014 15.45 Europe/London By Robert Briel
ZiggoHQ+logoLiberty Global is close to acquiring Dutch broadband provider Ziggo, according to Bloomberg, quoting anonymous sources.
The two cable companies aim to announce a friendly deal as early as the middle of January, and are hammering out a final acquisition price and other terms, including job guarantees for people working at Ziggo.
Outstanding issues include determining whether Ziggo CEO Rene Obermann, a former CEO of Deutsche Telekom, who started this month, will stay at the Dutch company if it is bought by Liberty, the people said. Liberty Global already owns about 30% of Ziggo, which it has gradually acquired during the past few months.
Should Liberty Global take control of Ziggo, the deal will be subject to regulatory approval as the company already owns the country’s second largest cable company, UPC Nederland.
Last December, Ziggo confirmed that it is currently in discussions with Liberty Global regarding a potential offer for the company by Liberty Global.
At the time the company said in a statement “Further announcements will be made if and when relevant. There is no certainty that any agreement can be reached or that any offer will ultimately be made.”