ntl acquisition of Virgin Mobile complete
# Jul 4, 02:32 PM by Mick
ntl:Telewest have announced today, that the acquisition of Virgin Mobile has been completed. Having received the much needed court approvals, Virgin Mobile’s shares have been de-listed from the London Stock Exchange. Also an agreement that has been previously met, ntl:Telewest entered into a license arrangement to carry the ‘Virgin’ brand over all the companies product services.
ntl also announce that together with the Virgin Mobile acquisition and licensing agreement, it is their absolute intention to create a “powerful new force” with the offerings of quadruple-play, which consists of TV, Internet, fixed and mobile telephony services.
But for the time being – ntl:Telewest state that they will remain as separate organisations and brands, with no change to either companies services and terms and conditions, though their outlook suggests that by the early stages of 2007, they will be able to create a single portfolio of services under the ‘Virgin’ brand.
Commenting on the transaction, ntl:Telewest’s CEO Steve Burch said:
“This is a transformational deal for ntl:Telewest and good news for UK consumers. Virgin Mobile has a justified reputation for being one of the country’s most customer-focused companies. This combined with ntl:Telewest’s portfolio of competitively-priced, cutting edge products, will create a formidable competitor in the UK’s fast changing communications and entertainment industries.”