Dutch-based cable television firm United Pan European Communications said on May 25 it had received regulatory approval to seal its buy of a 95.63% stake in Slovakia's SKT cable television firm from Siemens Austria.
UPC said in a statement it paid $41 million, or 37 million euros, for the deal, which will make it the largest cable operator in the Slovak Republic. SKT was the largest cable television provider in the Slovak Republic, with around 156,000 subscribers, UPC said.
"The completion of the purchase of SKT is an important step for UPC as we seek to extend our network in central and eastern Europe," the statement said. UPC said it now has about 750,000 homes in central and eastern Europe connected to its network.
The company was recently floated in Amsterdam and on Nasdaq. United International Holdings retained a majority stake.
31. May 1999 at 0:00 | From press reports of TASR and SITA