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ntl plans £475m share buy back
sorry if this has already been posted.
NTL plans £475m shares buy-back
By Emiko Terazono
Published: February 2 2005 02:00 | Last updated: February 2 2005 02:00
NTL, the UK cable operator, is to spend up to £475m in a share buy-back programme. The move follows the sale of its television towers business earlier this week for £1.27bn .
The company, which is expected to merge with Telewest, another UK cable group with which it shares leading stakeholders, intends to complete the shares repurchase within the next six months. It will use a further £500m from the sale to repay debt.
NTL agreed in December to sell its broadcast division, whose towers transmit to leading UK broadcasters, to a consortium led by Australia's Macquarie Communications Infrastructure Group. Emiko Terazono
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