Liberty Global buys Virgin Media

AFP-JIJI

U.S.-based cable operator Liberty Global said late Tuesday that it will acquire Virgin Media in a stock and cash merger valued at $23.3 billion.

The deal hopes to create “the world’s leading broadband communications company,” which would cover 47 million homes and serve 25 million customers in 14 countries, the two groups said in a joint statement.

It said the new company will focus on “the strongest and most strategic markets in Europe, with the scale to be at the forefront of technological change for customers.”