Virgin Media 2008 Annual Report Download - page 7
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On March 3, 2006, NTL merged into a subsidiary of Telewest Global, Inc., or Telewest, which
changed its name to NTL Incorporated. As this transaction is accounted for as a reverse acquisition,
the financial statements included in this annual report on Form 10-K for the period through March 3,
2006 are those of NTL, which is now known as Virgin Media Holdings Inc. For the period since
March 3, 2006 our financial statements reflect the reverse acquisition of Telewest. See note 1 to the
consolidated financial statements of Virgin Media Inc. The merger combined the two largest U.K. cable
operators. The total acquisition price was £3.5 billion, including £2.3 billion in cash, common stock
valued at £1.1 billion and stock options and transaction costs.
On July 4, 2006, we added a mobile phone offering by acquiring 100% of the outstanding shares
and options of Virgin Mobile through a U.K. Scheme of Arrangement. The total purchase price was
£953.2 million, including common stock valued at £518.8 million, cash of £419.2 million and transaction
costs. We also entered into a license agreement with Virgin Enterprises Limited under which we are
licensed to use certain Virgin trademarks within the U.K. and the Republic of Ireland.
In February 2007, we rebranded our consumer and a large part of our content businesses to
‘‘Virgin Media’’. We also changed the name of our corporate parent from NTL Incorporated to Virgin
Media Inc. and the corporate names of certain of our subsidiaries, including:
• NTL Investment Holdings Limited, the principal borrower under our senior credit facility, to
Virgin Media Investment Holdings Limited;
• NTL Cable PLC, the issuer of our public bonds, to Virgin Media Finance PLC;
• NTL Group Limited, a principal operating subsidiary, to Virgin Media Limited;
• Flextech Television Limited, our content subsidiary, to Virgin Media Television Limited;
• NTL Communications Limited to Virgin Media Communications Limited; and
• NTL Holdings Inc. to Virgin Media Holdings Inc.
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