Telenet Group’s stock was delisted on Friday
Liberty Global says it has officially acquired 100% of Belgian Telenet Group through its public takeover bid.
Liberty has been the longtime majority shareholder in Telenet, which is the largest cable broadband provider in Belgium and also offers mobile, video and wireline voice services.
In its financial report for the first half of the year, Telenet had said that as of June 30, 2023, it provided fixed services to a customer base of 1.7 million video subscribers, 1.75 million broadband internet subscribers and nearly 981,000 fixed-line telephony customers, along with 2.93 million mobile subscribers. The company says that it provides an average of 2.1 services per customer relationship.
Liberty said earlier this year that it had boosted its stake to more than 93% of Telenet and that it would proceed with a squeeze-out process of remaining shareholders. That final buyout began in late September and closed last Friday; now any outstanding shares are being transferred to Liberty by law and payments settled (at 21 euros per share). Telenet shares were also delisted from Euronext Brussels at the close of the trading day on Friday.
“We’re delighted to be taking full ownership of Telenet, a move that will benefit not only Telenet customers but also Liberty Global stakeholders and shareholders as we continue to simplify our business,” said Mike Fries, CEO of Liberty Global. “Liberty Global has been a committed, majority shareholder in Telenet since 2007 and we fully support management’s exciting growth plans for the business. Under full Liberty Global ownership, Telenet will now undoubtedly be on a stronger footing to further grow the business, modernize its network and cement its preeminent position in Belgium for the long-term.”
