With the O2 Deal Closed and a Large Cash Stake, Liberty Global Is Ready for More Deals

After years of strategic moves, Liberty Global is essentially an investment holding company that consists of five major assets: a 50% stake in Virgin Media O2, the recently created cable and wireless venture in the U.K.; a 60% stake in Telenet, the largest cable company and a wireless carrier in Belgium; a 50% stake in VodafoneZiggo, the largest cable company and a wireless carrier in the Netherlands; full ownership of UPC, the largest cable company and a wireless carrier in Switzerland; and around $7 billion in cash and investments. Given this portfolio approach, future capital allocation is a key factor that will determine Liberty Global’s value.