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Friday February 23, 2:49 am Eastern Time
UPC replaces Telewest stake with cash from Liberty
AMSTERDAM, Feb 23 (Reuters) - Europe`s largest cable network operator United Pan-Europe Communications NV (NasdaqNM:UPCOY - news) (UPC) said on Friday it would launch a 1.0 billion euro rights offering to strengthen its capital base.
Under the deal Liberty Media (NYSE:LMGa - news) would inject 1.4 billion in cash into UPC parent company UnitedGlobalCom (NasdaqNM:UCOMA - news), which would, in turn, buy 1.0 billion worth of UPC shares, according to UPC spokesman Manuel Kohnstamm.
The company said the issue was a replacement deal for its plan to buy a 25 percent stake in Britain`s Telewest (quote from Yahoo! UK & Ireland: TWT.L) from Liberty Media, which was rejected by bondholders earlier this week. The deal also amends a deal struck between UGC and Liberty last June, Kohnstamm said.
UnitedGlobalCom, UPC`s 51 percent shareholder, has agreed to purchase its full pro rata share of the Class A shares.
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