NTL buys Telewest for $6 billion
We’ve lost count of the number of Telewest/NTL merger stories we’ve run over the past few months, but now it’s finally happened. NTL is set to acquire Telewest for about $6 billion, paying close to $24 a share – both companies operate in the UK but are listed in New York. The deal includes Telewest’s Flextech digital TV business (Bravo, Living TV, Trouble and Challenge) which Telewest had put up for sale earlier in the year.
It’s hoped the deal will create a single strong cable company that can compete more effectively with satellite’s BSkyB. NTL’s chief executive Simon Duffy is to become CEO of the combined company and Telewest’s acting CEO Barry Elson is expected to stand down reports Reuters.