Merger Ziggo-UPC will result in 900 layoffs

News General Netherlands 16 OKT 2014
Merger Ziggo-UPC will result in 900 layoffs

The merger between Dutch cable operator Ziggo and UPC will result in 900 layoffs, NRC Q writes. That’s 20 percent of the total combined workforce. Several sources within Zigo and UPC confirm the number, which is much higher than the 500-600 layoffs anticipated by trade unions. Over 4.500 people work for Ziggo and UPC.

The European Commission gave the go ahead for a take-over of Ziggo by UPC Netherlands owner Liberty Global on Oktober 10th. Ziggo shareholders can offer up their shares untill November 4th. If 80 percent or more of the outstanding shares are offered, Liberty Global wil make good on its offer to buy Ziggo. A week later the merger can take place.

A merger of the two largest Dutch able companies wil result in 160 million euros in synergy effects a year by 2018. Trade union Abvakabo will hold talks with Ziggo on 30 October about the redundancy plan.

Categories:

General

Companies:

UPC,  Ziggo,  European Commission,  Liberty Global,  UPC Netherlands

Countries:

Netherlands

Tags:

M&A buyouts & divestments

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