Liberty Global raises its stake in Telenet to 93.23 percent

Liberty Global has taken on a larger majority stake in Belgian telecommunications provider Telenet and will recommence its efforts to acquire the company outright. The company will increase its ownership stake in the telecommunications company to 93.23 percent and is scheduled to reopen its optional and conditional public buyout bid in August after falling just shy of acquiring 95 percent of the shares in the first round.

Only a few months after making a $1 billion bid for the complete takeover of the Belgian operator, Liberty has increased its stake in Telenet from 59 percent. Liberty stated in the update that nearly 34.7 million Telenet units were tendered during the initial acceptance period, which took place between June 8 and July 12, indicating that Liberty Global Belgium will own an overall of 101,018,038 shares following the settlement on July 26, 2023.

Telenet already possesses 3,500,526 treasury shares, so as of that date, Liberty will own 93.23 percent of Telenet either directly or indirectly. Liberty Global's ownership of 95 percent of shares is significant because it exceeds the 90 percent threshold for available shares. This means the remaining shareholders will be acquired and forced to sell their shares.

Liberty Global has controlled Telenet since 2007, and Belgium is its fourth-largest market in Europe after the United Kingdom, the Netherlands, and Switzerland.