NTL Group has completed the sale of its subsidiary NTL Ireland to MS Irish Cable Holdings, an affiliate of Morgan Stanley, for EUR325 million. Morgan Stanley will now sell on the assets to UPC Ireland, part of pan-European cable group UnitedGlobalCom (UGC), subject to regulatory approval. NTL Group will use the proceeds of the sale to repay outstanding debts.
NTL Ireland is the Republic’s biggest cable supplier with more than 340,000 customers in Dublin, Galway and Waterford. Its sale value had previously been estimated at between EUR150 million and EUR200 million, though the EUR325 million paid by Morgan Stanley remains well below the EUR680 million purchase price that NTL Group paid out in 1999.