US CABLE GIANT Liberty Global's expensive takeover of Virgin Media will be approved by the European Union Competition Commission, according to reports.
Liberty Global's planned acquisition of Virgin Media was announced back in February. The US cable telecoms company apparently will cough up around £14bn for the firm, turning it inself a behemoth of a company with 25 million customers in 14 countries, and seeing it become a serious rival to News Corp.
However, the deal needs to be approved before it can go ahead. That apparently will soon happen, and the EU Competition Commission is set to give the green light for the deal to move forward.
An unnamed source "familar with the matter" told Reuters on Monday, "The European Commission does not have any competition concerns about the deal."
Speaking in February, Liberty Global CEO and president Mike Fries said of the deal, "Virgin Media will add significant scale and a first-class management team in Europe's largest and most dynamic media and communications market.
"Virgin Media's market leading innovation and product expertise, particularly in mobile and B2B, will accelerate our own development of these business segments."
Virgin Media CEO Neil Berkett added, "Over the past six years, Virgin Media has transformed the digital experience of millions of customers, catalysed a deep-rooted change in the UK's digital landscape and delivered impressive growth and returns for our shareholders.
"I'm confident that this deal will help us to build on this legacy. Virgin Media and Liberty Global have a shared ambition, focus on operational excellence and commitment to driving shareholder value."
The EU Competition Commission apparently will announce its decision on 15 April, so expect to hear more about the buyout next week.
A Virgin Media spokesperson told The INQUIRER that the firm would not be commenting at present. µ