Chorus takes over NTL’s Irish operation for €325m

CABLE TV operator NTL has sold its Irish operation for €325 million.

The deal is structured to allow UGC, the American owner of fellow Irish cable operator Chorus, the former Irish Multichannel, to take control of the company as soon as clearance has been granted by the Competition Authority.

Under the terms of the agreement, NTL will sell the business to Irish Cable Holdings, a company affiliated to investment banking heavyweight Morgan Stanley, which acted as key adviser to UGC during the bidding process. The bank will then sell on the business to UPC Ireland, a UGC subsidiary. But it will not be out of pocket in the meantime, because UGC provided the bank with the funds for the deal.