Having completed its $24 billion acquisition of Virgin Media, cable operator Liberty Global (NASDAQ:LBTYA) said its board of directors had authorized a $3.5 billion stock repurchase program that it intended to complete over the next two years.

Liberty is now a public limited company under the laws of the U.K. and became the parent of Liberty Global and Virgin Media. A previous $1 billion program by the U.S. company, which is now a subsidiary of the PLC, is no longer applicable. The new plan represents about 1% of Liberty's $27 billion market value.

While Liberty cautions that the program may be suspended or cancelled at any time, it may acquire its Class A stock, its Class C stock, or any combination of the two. The purchases may be made through open-market transactions or privately negotiated transactions, which may include derivative transactions.

Headquartered in Englewood, Colo., Liberty Global is the largest international cable company, with operations in 14 countries.

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