Denver, Colorado – Liberty Global plc (“Liberty Global” or the “Company”) (NASDAQ: LBTYA, LBTYB and LBTYK) announced on July 17 that it has acquired 259.8 million shares in ITV plc (“ITV”) from British Sky Broadcasting Group plc for total consideration of approximately GBP 481 million. As a result of this investment, Liberty Global will own approximately 6.4% of ITV.
Mike Fries, Liberty Global’s Chief Executive Officer, commented: “This is an opportunistic and attractive investment for us in our largest cable market. ITV is the leading commercial broadcaster in the UK and we’re excited to be shareholders.”
Liberty Global intends to finance the acquisition of ITV shares through a combination of a loan linked to a hedging transaction that would be secured by ITV shares and existing liquidity. With this level of investment, no regulatory approvals are required.