Technology

Microsoft to Pay $2.97bn to Acquire Telewest Stake

Staff Writer October 24, 1999

Microsoft Corp has agreed to pay around $2.97bn for the 30 % stake in Telewest Communications Plc it is acquiring from MediaOne Inc. In a filing lodged with the US Securities and Exchanges Commission last Wednesday MediaOne disclosed that it will receive 0.05 Microsoft shares for each of it’s 638 million shares in Telewest. Based on Microsoft’s share price at close of trading on Thursday, the price would value each Telewest share at $4.65, adding up to about an 11% premium on Telewest’s Friday closing price of 253 pence ($4.24) on the London Stock Exchange. Microsoft agreed to buy MediaOne’s stake in Telewest, the UK’s second largest cable company after AT&T agreed to buy MediaOne. á

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