Liberty completes German cable deal -
Liberty completes German cable deal
Written by Jörn Krieger
Thursday, 28 January 2010 20:29
US media company Liberty Global has completed the acquisition of German cable operator Unitymedia following the EU Commission’s approval of the €3.5 billion deal.
With the change of ownership, the Cologne-based company will also get new boss: Parm Sandhu, currently CEO of Unitymedia, has decided to leave the company to pursue other opportunities. Gene Musselman, president and CEO of Liberty Global’s European subsidiary UPC Broadband, will serve as acting managing director of Unitymedia in addition to his European role.
“We are excited about the addition of Unitymedia to our European operations”, said Mike Fries, president and CEO of Liberty Global. “Parm Sandhu and the entire management team at Unity have built a world class company which will add significant scale and growth opportunities to our European footprint.”
With 4.5 million customers Unitymedia, which used to be in the hands of private equity companies BC Partners and Apollo Management, is Germany’s second largest cable operator after Kabel Deutschland. Liberty Global already owns several cable companies in Europe including UPC in Austria and Cablecom in Switzerland.