Liberty Global has completed its takeover of Belgian operator Telenet.
In a statement earlier this week, Liberty Global confirmed it has gained 100 percent ownership of Telenet Group Holding through a simplified "squeeze-out" period which opened on September 22 and was finalized on October 13.
The squeeze-out enabled Liberty Global to complete a voluntary takeover, as it had become compulsory for minority shareholders to sell their stock.
In doing so, Liberty Global Belgium received acceptances for 1,156,941 Telenet shares.
The shares of Telenet were delisted from the Euronext Brussels stock exchange on October 13.
Since 2007, Liberty Global has been the controlling shareholder of Telenet, while Belgium is its fourth largest market in Europe after the UK, Netherlands, and Switzerland.
However, in the past year, the company has upped its stake in Telenet from 59 percent to a full-on buyout. This is just months after bidding €929 million ($982m) for the full takeover of the operator.
"We’re delighted to be taking full ownership of Telenet, a move that will benefit not only Telenet customers but also Liberty Global stakeholders and shareholders as we continue to simplify our business," said Mike Fries, CEO, Liberty Global.
"Liberty Global has been a committed, majority shareholder in Telenet since 2007 and we fully support management’s exciting growth plans for the business. Under full Liberty Global ownership, Telenet will now undoubtedly be on a stronger footing to further grow the business, modernize its network, and cement its preeminent position in Belgium for the long-term.”
Telenet provides fixed services to 1.7 million video subscribers across Belgium, has 1.75 million broadband Internet subscribers, and close to one million fixed-line telephony customers, while it counts 2.93 million mobile subscribers on its books.