"Sir Richard Branson, the billionaire entrepreneur, is set to transform the British TV and telecoms landscapes by merging Virgin Mobile with NTL, the cable company. The move will create an entertainment and communications giant worth £4.5bn and with more than 9m customers. The deal will see Branson swap his 72 per cent holding in Virgin Mobile for a 14 per cent stake in the enlarged cable and mobile group. He will be the largest single shareholder in the new company," reports The Sunday Telegraph.
"NTL will be rebranded Virgin following the deal. The transaction, which amounts to a reverse takeover, will extend Branson's business empire into the sitting rooms of an additional 5m British homes."
Comment: This is not a done deal.
