Virgin Media confirmed it's in talks on a possible takeover by Liberty Global. The statement follows a report by the Financial Times saying the takeover could be announced in the coming days. According to the paper, the UK cable operator has an enterprise value of over USD 20 billion.
Liberty Global has been looking for new growth markets in Europe, after last year becoming one of the biggest cable operators in Germany. It is also in the process of increasing its stake in Belgian operator Telenet. A takeover of Virgin Media would be its first foothold in the UK, also giving it an entrance on the mobile market where Virgin operates as a MVNO.
Virgin Media said it was in discussions with Liberty Global "concerning a possible transaction". No further details were provided.
