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Liberty to acquire Cablecom

Zürich (ots)

Liberty Global Inc. ("Liberty Global") today
announced that its subsidiary, United ACM Holdings, Inc. ("United
ACM"), has entered into a definitive agreement (the "Agreement") to
acquire 100% of the outstanding share capital of Cablecom Holdings AG
("Cablecom") from the sole shareholder Glacier Holdings S.C.A.
  • The terms of the Agreement value Cablecom at approximately CHF 56.22 per share, which implies a total equity value of CHF 2,825 million and enterprise value of approximately CHF 4.4 billion.
  • The Agreement is subject only to transfer of certain licences and the approval of the shareholders of Glacier's general partner.
  • Closing of the transaction is expected to take place in October this year.
The Board of Directors of Glacier Holdings GP S.A. (the "Board")
was convened last night for an emergency meeting to consider the
proposal received from Liberty Global, following the launch of
Cablecom's IPO yesterday morning. The Board, following its fiduciary
duty to consider all approaches, concluded that a sale to Liberty
Global is in the best interest of Cablecom, its shareholders,
customers and employees and will support the creation of a strong
alternative national telecommunications company.  As a consequence of
entering into the Agreement, Cablecom will abandon its preparations
for an initial public offering of its shares with a listing on the
Swiss Exchange, which was scheduled for 13 October.
Rationale for transaction
In acquiring Cablecom, Liberty Global makes another important step
in its further development of building a pan-European cable company
and is committed to support Cablecom's established growth strategy to
position the Company as the leading alternative for
telecommunications services in Switzerland. Liberty Global supports
Cablecom's public policy position relating to the Swiss regulatory
environment. The acquisition provides Liberty Global with instant
scale and critical mass in Switzerland. The shareholders of Cablecom
are provided with an attractive opportunity to exit their investment
following a highly successful financial restructuring, which has
allowed Cablecom to take advantage of the growth opportunities in its
Bruno Claude, Chief Executive Officer and President of Cablecom,
"This transaction represents the culmination of a tremendous
turnaround of the company in just four years. This transformation is
a tribute to our employees. The outcome announced today will deliver
a strong number two telecommunications market position in
Switzerland, which is our long-term objective.
With the backing of Liberty Global, Cablecom benefits
significantly from being part of a wider media family both in terms
of content acquisition and access to leading edge technologies at
lower cost. Liberty Global has had a longstanding interest in
Cablecom and is a strategic investor capable of funding the
continuing long-term development requirements of Cablecom, benefiting
its customers and employees."
Goldman Sachs International, Credit Suisse First Boston and Morgan
Stanley and Co. International acted as financial adviser to Glacier
Holdings S.C.A. Bär & Karrer, Kirkland & Ellis and Wachtell, Lipton,
Rosen & Katz acted as legal advisers to Glacier Holdings S.C.A. JP
Morgan Chase and UBS acted as financial advisers to Liberty Global.
For further information:
Media Relations
Stephan Howeg
Tel. +41 1 277 9999
Investor Relations
Ivan Nash
Tel. +41 1 277 9738
Goldman Sachs International
Luca Ferrari
Tel. +44 20 7774 1000
Fedor Schulten
Tel. +44 20 7774 1000
Citigate Dewe Rogerson
Liberty Global
Christopher Noyes 
Investor Relations - Denver
+1 303 220 6693
Bert Holtkamp
Corporate Communications - Europe
+31 20 778 9447
Dennis Okhuijsen
Investor Relations - Europe
+31 20 778 2964
About Cablecom
Cablecom is the largest cable-based communications provider in
Switzerland, providing consumers with an integrated "triple-play"
offering of cable television, broadband Internet and fixed-line
telephony. In addition, it offers managed wide area network ("WAN"),
voice services and value-added services to the Swiss business market
and provides analog television signal delivery and engineering,
operating and carrier services to its wholesale customers. Its
national local loop network, one of only two in Switzerland, operates
in 14 of 16 largest Swiss cities.
About Liberty Global
Liberty Global owns interests in broadband distribution and
content companies operating outside the continental United States,
principally in Europe, Asia, and the Americas. Through its
subsidiaries and affiliates, Liberty Global is the largest broadband
cable operator outside the U.S. in terms of subscribers. Based on the
Company's consolidated operating statistics at June 30, 2005 (other
than NTL Ireland which we consolidate but do not control), Liberty
Global's networks passed approximately 23.5 million homes and served
approximately 14.9 million revenue generating units, including
approximately 10.7 million video subscribers, 2.5 million broadband
Internet subscribers and 1.8 million telephone subscribers.

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