Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Found this at Clearstation:

Sunday July 31, 08:45 AM Eastern time
Company Press Release


UPC Withdraws from Lyonnaise Cable Acquisition Process

AMSTERDAM, Netherlands, July 31 /PRNewswire/ -- UPC announced today that it is withdrawing from the acquisition process in relation to Lyonnaise Cable. UPC expressed concerns with the structure of the sale which involved the acquisition of a minority interest of up to 49. UPC could not reach an agreement with Suez Lyonnaise in relation to a number of important strategic and operational issues relating to the future of Lyonnaise Cable. UPC remains engaged in pursuing numerous other opportunities throughout Europe that fit its pan-European brand and network expansion strategy.

Shane O'Neill (Managing Director, Strategy, Acquisitions and Corporate Development) commented: "In light of our position in the Paris suburbs where we have extensive fibre optic and cable networks, and considering our recent acquisition of 3.5 and 26 GHz fixed wireless frequency for high speed data and telephony delivery throughout France, we felt that our capital is better expended in growing our product delivery through direct investment in these fixed and wireless networks including Paris itself".

Headquartered in Amsterdam, UPC is one of the most innovative broadband communications companies in Europe and owns and operates the largest pan-European group of broadband communication networks. UPC provides cable television, telephony, high-speed Internet access and programming services in eighteen countries across Europe and in Israel. As of March 31, 2000, on an aggregate basis (pro-forma for announced acquisitions), UPC's footprint reached 15.8 million franchised homes and 12.9 million homes passed with approximately 8.4 million basic cable subscribers. In addition, UPC systems had 271,400 residential telephony lines and 22,500 business telephony lines as well as 176,800 residential Internet subscribers and 4,300 business Internet subscribers. UPC is a consolidated subsidiary of Denver based UnitedGlobalCom Inc. ("United") (Nasdaq: "UCOMA") and Microsoft has an interest of approximately 8.0 in UPC. UPC shares are traded on the Amsterdam Stock Exchange ("UPC") and Nasdaq ("UPCOY").

Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.