UnitedGlobalCom to Buy MS Irish Cable
Monday May 9, 2:50 pm ET
UnitedGlobalCom Affiliate to Buy MS Irish Cable Unit for About $417 Million
DENVER (AP) -- Internet services provider UnitedGlobalCom Inc. said Monday that it agreed through one of its affiliates to buy MS Irish Cable Holdings BV, a unit of Morgan Stanley, for about $417 million.
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The company said that MS Irish Cable bought the Irish broadband business of NTL Inc. of the U.K. Monday with 325 million euros in UnitedGlobalCom funds. NTL is Ireland's largest cable operator with about 355,300 revenue generating units. The transaction also includes $5.1 million (4 million euros) in fees to reimburse Morgan Stanley.
The transaction is subject to approval from Irish regulators. The company said the purchase price for MS Irish Cable represents about 8.6 times the estimated 2005 operating cash flow at the system level.
UnitedGlobalCom purchased NTL's rival Chorus Communications Ltd. in a 41 million euro stock-based deal in December. Chorus has about 200,000 subscribers.
In afternoon trading, UnitedGlobalCom shares rose 4 cents to $9.41 on the Nasdaq and Morgan Stanley shares rose 52 cents to $50.57 on the New York Stock Exchange.
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