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 A previous $1 billion program by the U.S. company, which is now a subsidiary of the PLC, is no longer applicable.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.
Fool contributor Rich Duprey and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.