NTL And Telewest Announce Completion of Combination of the Two Companies
March 03 2006 - 11:09AM
Business Wire
NTL Incorporated (NASDAQ: NTLI) and Telewest Global, Inc. (NASDAQ:
TLWT) are pleased to announce that the combination of NTL and
Telewest was completed today. The combined company has been renamed
NTL Incorporated, and, beginning March 6, 2006, shares of the
combined company will be quoted on The NASDAQ National Market under
the ticker symbol "NTLID" which will eventually change to "NTLI".
Effective March 6, 2006, NTL's common stock will cease to be traded
and will no longer be quoted on The NASDAQ National Market. Former
NTL stockholders now own approximately 75% of the combined company
and former Telewest stockholders own approximately 25% of the
combined company. "This combination of two industry leaders
positions us to better fulfill our commitment to serve our
customers," said Jim Mooney, Chairman of NTL. "We are grateful for
the strong support for this merger demonstrated by stockholders,
customers, employees and the communities we serve. We are excited
to now move forward as one entity that has the experience and
resources of both companies, coupled with an unsurpassed breadth of
communication products." NTL stockholders will receive very shortly
information about how to exchange their shares for shares of the
combined company. Telewest stockholders will also receive very
shortly information about how to exchange their shares for shares
of the combined company and the cash consideration payable in
connection with the reclassification of their shares of Telewest
common stock. Notes to Editors: About NTL Incorporated (NASDAQ:
NTLI) (NTL will be trading under the temporary ticker symbol
"NTLID" until March 31, 2006) -- On March 3, 2006, NTL Incorporated
(formerly known as Telewest Global, Inc.) completed its combination
with NTL Holdings, Inc. (formerly known as NTL Incorporated)
creating the UK's largest provider of residential broadband and the
UK's leading provider of triple play services. The combined company
will operate under the name of NTL Incorporated. -- NTL
Incorporated offers a wide range of communications and
entertainment services to more than 5 million residential
customers. -- NTL Incorporated's networks can service more than 12
million homes - 50% of UK households - and 85% of UK businesses. --
NTL Incorporated's content division, Flextech Television, provides
television channels for the UK multichannel TV market and owns
transactional channels price-drop tv, bid tv, speed auction tv and
screenshop. Flextech owns 6 entertainment channels - LIVINGtv,
LIVINGtv 2, Bravo, Challenge, Trouble, Ftn (plus their time shifted
variants) and is a 50% partner in UKTV which consists of ten
channels including UKTV Gold, UKTV Drama and UKTV History. Together
Flextech and UKTV are the largest supplier of basic channels to the
UK pay-TV market. -- Further information about NTL Incorporated and
its products can be found at www.ntl.com, www.telewest.co.uk or
www.flextech.co.uk.
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