Barclays today offloaded its stake in Dutch media group Ziggo to the billionaire buying Virgin Media.
The banking group has agreed to sell a 12.7% holding to Liberty Global, which is controlled by John Malone, for €632.5 million (£535.4 million). Last month, Malone agreed the $16 billion (£10.6 billion) takeover of Virgin Media in a move likely to swell Sir Richard Branson’s coffers by more than £200 million.
Liberty has pay-TV operations around the world and is the largest cable operator in most of its 11 European markets. The group has played down suggestions it is trying to go head to head with media mogul Rupert Murdoch despite its aggressive expansion across Europe.
Barclays was left holding the Ziggo shares after failing to find enough bidders for a stake it was selling on behalf of Cinven and Warburg Pincus.
The bank had agreed to underwrite the so-called block sale.
