| London, 25.10.04
- Cable Partners Europe (CPE) the privately-held European
broadband communications, investment and operations group,
has successfully concluded its restructure negotiations
with Liberty Media International, Inc.(LMI)
CPE will exchange notes with Liberty Media for preferred
and common equity in a subsidiary of CPE, Callahan Associates
Holdings Belgium, or CAHB. As a result of the exchange,
LMI will be the control shareholder of CAHB which will hold
an approximate 14% indirect interest in Telenet. Telenet
is the largest cable operator in Belgium with 2.5 million
RGUs located primarily in the Dutch speaking Flanders region
of Belgium. The transaction is expected to close in late
October.
CAHB holds its interest in Telenet through a holding company
which holds approximately 21% of the issued and outstanding
shares of Telenet. Other shareholders of the holding company
include Evercore, CDPQ Capital and Merrill Lynch Capital
Partners.
Comments Richard Callahan, CEO of CPE, “These have
been long negotiations but their successful conclusion provides
for the well-funded future of both Telenet and of CPE. We
continue to firmly believe in the Broadband market and our
success in both Belgium and with the creation of Ono in
Spain, attests to the quality of our management team. Where
regulators have a positive attitude to cable and triple
play, the customer benefits. We will be exploring a number
of telecoms deals with the aim of replicating our European
successes.”
Andrew Sukawaty, Chairman of Telenet stated, “Telenet’s
management and shareholders have built a well run cable
operation that is successfully delivering video, data and
voice services throughout the Flanders region in Belgium.
We thank CPE for its valued contribution in developing the
company And we look forward to the arrival of LMI as Telenet’s
new international partners”.
Cable Partners Europe is a development, finance and operations
company focusing on Information, communications and entertainment
markets.For further information please contact:
Chris McLaughlin on +44 779 627 6033
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