31st Jul 2015 06:40
LONDON (Alliance News) - Telecommunications and cable group Liberty Global PLC on Friday said it has increased its stake in FTSE 100-listed broadcaster ITV PLC to 9.9%.
Liberty has acquired a further 138.7 million shares in ITV, increasing its total holding to 398.5 million. At the same time it has entered into a hedging transaction in respect the new shares it has acquired and has obtained further financing from its hedge counterparty.
"Given ITV's operating and stock price performance, we were able to increase our stake to 9.9% with no incremental investment by hedging our existing equity position. This investment remains an opportunistic one for us in our largest market. ITV is a well-run company with attractive growth potential, and we are pleased to increase our position as their largest shareholder," said Mike Fries, Liberty Global's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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