Key Developments For Liberty Global Inc
Liberty Global Inc (LBTYA.O) (Nasdaq)
Liberty Global Inc. To Acquire Unitymedia GmbH
Liberty Global Inc. announced that it has entered into a share purchase agreement with Unity Media S.C.A. to acquire all of the issued and outstanding capital stock of Unitymedia GmbH (Unitymedia), Germany`s cable operator. Liberty Global will acquire 100% of the shares of Unitymedia for an equity purchase price of $3.0 billion, from its parent, which is owned by a group of shareholders led by BC Partners and Apollo. Together with Unitymedia`s reported net debt at September 30, 2009 of approximately $2.2 billion, the total consideration is approximately $5.2 billion, excluding transaction costs. Completion of the transaction is expected to occur in the first half of 2010. In terms of financing the transaction, Liberty Global targeting debt financing on Unitymedia`s business of approximately $3.7 billion, of which the net proceeds, after refinancing Unitymedia`s existing debt and transaction costs, will be available to fund a portion of the equity consideration. Liberty Global anticipate that it will fund the remaining equity purchase price with a combination of existing liquidity available to the Liberty Global, the net proceeds from the sale of $750 million in convertible notes, excluding an overallotment option, and the sale to SPO Partners & Co., a large shareholder, of 4.5 million shares of series A common stock and 1.5 million shares of Series C common stock at a price of $21.375 per share for gross proceeds of approximately $128 million.
Liberty Global Inc. Makes Offer To Buy 20% Stake In VTR GlobalCom S.A. From Cristalerias de Chile S.A.
Cristalerias de Chile S.A. (CristalChile) announced the supplementation of information related to the announcement from September 3, 2009 about Inversiones Celfin Capital S.A. offer for acquisition of 20% stake in VTR GlobalCom S.A. for CLP 167,000,000. As indicated, according to the shareholders agreement entered between subsidiaries of Liberty Global Inc. (Liberty), that controls VTR GlobalCom S.A., and the Company dated April 13, 2005, CristalChile should comply with an obligation to the first offer before transferring their shares to a third. On November 4, 2009, Liberty announced that it has no position on the acceptance or rejection of the conditions contained in Celfin's offer and Liberty offers to buy 20% stake in VTR GlobalCom S.A. for USD 260 million paid in cash or in shares of Liberty. Liberty's offer expires on November 13, 2009. Further details were not disclosed.
Liberty Global Inc. Announces $250 Million Increase To Stock Repurchase Program; Reaffirms FY 2009 Guidance
Liberty Global Inc. announced the authorization to increase its stock repurchase program by an additional $250 million. Under the program, the Company may acquire from time to time its Series A common stock, Series C common stock, or any combination of Series A and Series C common stock. In light of this performance, the Company reconfirmed guidance targets for fiscal 2009. According to Reuters Estimates, analysts were expecting the Company to report revenues of $10.72 billion and EBITDA of $4.65 billion for fiscal 2009.
Liberty Global Inc. Issues FY 2009 EBITDA Outlook Below Analysts' Estimates-Conference Call
Liberty Global Inc. announced that for fiscal 2009, it expects EBITDA growth of 5% to 7%. The Company reported EBITDA of $4.38 billion for fiscal 2008. According to Reuters Estimates, analysts on an average were expecting the Company to report EBITDA of $4.72 billion for fiscal 2009.
Liberty Global Inc. Announces $250 Million Stock Repurchase Program
Liberty Global Inc. announced the authorization of a new stock repurchase program. Under the program, Liberty Global may acquire from time to time up to $250 million of its Series A common stock, Series C common stock, or any combination of Series A and Series C common stock. The new stock repurchase program may be effected through open market transactions and/or privately negotiated transactions, which may include derivative transactions. The timing of the repurchase of shares pursuant to the program will depend on a variety of factors, including market conditions. The program may be suspended or discontinued at any time.
