NTL takes charge of Virgin Net
30 September 2004
Broadband cable company NTL has announced that it is taking complete control of the UK's fifth largest internet service provider Virgin Net.
NTL and Virgin Media Group launched Virgin Net as a joint venture in 1996 and the cable firm's UK arm is now acquiring the remaining 51 per cent stake in the ISP by buying out its partner and shares owned by current management.
Terms of the deal have not been disclosed and the agreement is conditional upon regulatory clearance from the Irish Competition Authority.
Virgin.net will continue to trade under the Virgin name and be run by the same management team alongside NTL's residential division.
Simon Duffy, CEO of NTL, commented: "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 though local loop unbundling."
Virgin Net boasts almost 600,000 subscribers for its narrowband and broadband packages.
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