Press release
ntl and Telewest announce completion of combination of the two
companies
London, United Kingdom, March 3, 2006 -- NTL Incorporated
(NASDAQ: NTLI) and Telewest Global, Inc. (NASDAQ: TLWT) are pleased
to announce that the combination of NTL and Telewest was completed
today.
The combined company has been renamed NTL Incorporated, and,
beginning March 6, 2006, shares of the combined company will be
quoted on The NASDAQ National Market under the ticker symbol
"NTLID" which will eventually change to “NTLI”. Effective March 6,
2006, NTL’s common stock will cease to be traded and will no longer
be quoted on The NASDAQ National Market. Former NTL stockholders
now own approximately 75% of the combined company and former
Telewest stockholders own approximately 25% of the combined
company.
“This combination of two industry leaders positions us to better
fulfill our commitment to serve our customers.”, said Jim Mooney,
Chairman of NTL. “We are grateful for the strong support for this
merger demonstrated by stockholders, customers, employees and the
communities we serve. We are excited to now move forward as one
entity that has the experience and resources of both companies,
coupled with an unsurpassed breadth of communication products.”
NTL stockholders will receive very shortly information about how
to exchange their shares for shares of the combined company.
Telewest stockholders will also receive very shortly information
about how to exchange their shares for shares of the combined
company and the cash consideration payable in connection with the
reclassification of their shares of Telewest common stock.
Notes to Editors:
- NTL Incorporated (NASDAQ: NTLI) (NTL will be trading under the
temporary ticker symbol “NTLID” until March 31, 2006)
- On March 3, 2006, NTL Incorporated (formerly known as Telewest
Global, Inc.) completed its combination with NTL Holdings, Inc
(formerly known as NTL Incorporated) creating the UK's largest
provider of residential broadband and the UK's leading provider of
triple-play services. The combined company will operate under the
name of NTL Incorporated.
- NTL Incorporated offers a wide range of communications and
entertainment services to more than five million residential
customers.
- NTL Incorporated's networks can service more than 12 million
homes - 50% of UK households - and 85% of UK businesses.
- NTL Incorporated's content division, Flextech Television,
provides television channels for the UK multichannel TV market and
owns transactional channels Price-Drop TV, Bid TV, Speed
Auction TV and Screenshop. Flextech owns 6 entertainment
channels - LIVINGtv, LIVINGtv 2, Bravo, Challenge, Trouble, Ftn
(plus their time shifted variants) and is a 50% partner in UKTV
which consists of 10 channels including UKTV Gold, UKTV Drama and
UKTV History. Together Flextech and UKTV are the largest supplier
of basic channels to the UK pay-TV market.
- Further information about NTL Incorporated and its products can
be found at http://www.ntl.com/,
http://www.telewest.co.uk/
or http://www.flextech.co.uk/.