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UGC Goes Dutch

11/16/2004 7:23 AM Eastern

UnitedGlobalCom Inc. said Tuesday that it has agreed to acquire parts of Canal+’s business in the Netherlands from Dutch investment groups Airbridge Investments and Greenfield Capital Partners.

chellomedia, UGC's European content and services division, will acquire all of Canal+'s content activities in the Netherlands, covering premium sports and movie programming that goes to more than 215,000 customers.

UGC will pay slightly more than $32 million for the assets on a debt-free, cash-free basis and assume certain guaranteed output payments to film studios.

In a separate transaction, UGC's broadband-distribution company in the Netherlands, UPC Nederland, agreed to settle all existing litigation with Canal+. As part of the settlement, UPC Nederland entered into a new long-term wholesale-distribution agreement for the Canal+ premium-movie and sports channels.

September