| ENGLEWOOD,
Colorado – Liberty Media International, Inc. (Nasdaq:
LBTYA, LBTYB) (LMI) announced today that it has agreed to
exchange notes it holds in Cable Partners Europe (CPE) and
cash in the amount of approximately $23 million for preferred
and common equity in a subsidiary of CPE, Cable Associates
Holdings Belgium or CAHB. As a result of the transaction,
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 before
the end of the year.
CAHB holds its interest in Telenet through a holding company
that controls approximately 21% of the voting power associated
with the issued and outstanding shares of Telenet. Other
shareholders of the holding company include Evercore Capital
Partners, CDP Capital Communications Belgique and ML Private
Equity Associates.
John C. Malone, Chairman, President and Chief Executive
Officer of LMI 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 are very pleased
we were able to constructively restructure CPE so that we
can work together with the management team and other shareholders
in support of the continued success and growth of the business.”
Liberty Media International, Inc. (NASDAQ: LBTYA, LBTYB)
owns interests in broadband distribution and content companies
operating outside the U.S., principally in Europe, Asia,
and Latin America. Through its subsidiaries and affiliates,
LMI is the largest cable television operator outside the
United States in terms of video subscribers. LMI’s
businesses include UnitedGlobalCom, Inc., Jupiter Telecommunications
Co., Ltd., Jupiter Programming Co., Ltd., Liberty Cablevision
of Puerto Rico, Inc. and Pramer S.C.A.
The transaction is subject to negotiation of definitive
agreements and customary closing conditions, including third
party consents and approvals.
Contact:
Mike Erickson
800-783-7676
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