ntl fate for Virgin.net
# Sep 28, 05:30 PM by Frank
ntl today announced that it has agreed with Virgin Media Group that it will purchase Virgin Media Group’s remaining interests in Virgin Net Ltd., together with all the remaining minority interests held by existing and former management.
These acquisitions will take ntl’s ownership of virgin.net, the joint venture formed by ntl and Virgin in 1996, to 100 per cent. This agreement is conditional upon regulatory clearance from the Irish Competition Authority.
ntl currently provides back office support and network access for 590,000 unmetered and pay-as-you Virgin.net customers.
Simon Duffy, CEO at ntl, said: “This is a very good acquisition for ntl. Virgin.net has a strong presence in the internet arena, underpinned by a powerful brand name and an outstanding team.”
“I am confident Virgin.net will accelerate our growth by giving us access to new market segments, thereby complementing our strategy of extending our network through local loop unbundling.”