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NTL Makes Offer on Virgin Mobile (UK)
Posted on 4-Apr-2006 21:21 | Tags Filed under: News



NTL Incorporated and the Independent Board of Virgin Mobile Holdings (UK) plc have reached agreement on the terms of a cash offer, with a share alternative offer and a cash and share alternative offer, to be made by ntl and one of its wholly owned subsidiaries to acquire the entire share capital of Virgin Mobile.

The options offered to Virgin Mobile shareholders are 372 pence in cash for each Virgin Mobile share; or 0.23245 shares of ntl common stock for each Virgin Mobile share; or 0.18596 shares of ntl common stock plus 67 pence in cash, for each Virgin Mobile share.

The Cash Offer values Virgin Mobile at approximately GBP 962.4 million (US$ 1.68 billion).

Virgin Mobile is the UK's largest mobile virtual network operator with 4.3 million customers. Virgin Mobile uses the T-Mobile network for the transmission of its traffic. For the last twelve months ended 30 September 2005, Virgin Mobile had total revenues of GBP 539 million. Virgin Mobile does not operate outside of the United Kingdom, and does not own Virgin Mobile in the United States or in other countries.

ntl is also entering into a long-term exclusive license agreement with Virgin Enterprises Limited under which its existing license to use certain Virgin trade marks within the United Kingdom and Ireland in respect of its internet business will be extended to television, fixed line telephony and, upon completion of the acquisition of Virgin Mobile, mobile telephony, as well as the acquisition and branding of sports, movies and other premium television content and the branding and sale of certain communications equipment, such as set top boxes and cable modems.




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