Tech
The deal, worth £962.4 million, allows the cable company to offer a 'quadruple play' service of television, telephony, broadband and mobile for the first time. Or, as NTL puts it, become a "national entertainment and communications company".
According to reports, Branson has accepted a mix of shares and cash, making him a 10.7% shareholder of the combined company.
Also included in the deal is a 30-year exclusive branding agreement that will see NTL adopt the Virgin name across its consumer operations.
“We are delighted to announce the recommended Offer and the brand licensing with Virgin today, which not only delivers mobile capability to our product bundle but also gives us access to a leading consumer brand," said James Mooney, executive chairman at NTL.
"It truly is a step-change transaction not only for ntl but for the media sector as an whole in the UK."
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