Englewood-based Liberty Global Inc., the largest owner of cable-television systems outside the U.S., exercised options to raise its stake in Telenet Group Holding NV at a cost of $173.6 million.
Liberty Global exercised options to acquire 6.75 million shares in Mechelen, Belgium-based Telenet, Liberty said in a PR Newswire statement today.
“Current market conditions allowed us to exercise these options, enhancing the value of our existing investment in Telenet,” Mike Fries, chief executive officer of Liberty Global, said in the statement. “Telenet has a robust market position and we remain very supportive of the company and the management team.” Liberty Global will buy the shares from a group of Flemish municipalities and Electrabel SA, a unit of Paris-based Suez SA. The move increases Liberty Global’s stake in Telenet, Belgium’s biggest cable-television company, to 28 percent from about 21 percent.
Shares in Telenet, which have gained 31 percent this year, closed up 0.43 percent, or 9 euro cents, at 20.85 euros in Brussels.
Telenet Chief Executive Officer Duco Sickinghe said in an e-mailed statement the company welcomes Liberty Global’s increased stake as a “sign of confidence in Telenet’s future.”
