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UPC plans series of IPOs
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March 13, 2000: 11:07 a.m. ET
Dutch cable company to seek three separate stock market listings
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LONDON (CNNfn) - Dutch-based cable company United Pan-Europe Communications said Monday it plans to float three businesses, beginning with its high-speed Internet service provider chello this quarter.
UPC Chief Executive Mark Schneider told Reuters the company expects to have a higher valuation than Dutch rival World Online, which is set for an initial public offering Friday and has 1.9 million subscribers and 34,000 business customers. WorldOnline is owned by the Sandoz-Family Foundation, a Swiss investment group, Intel Corp. (INTC: Research, Estimates) and Dutch conglomerate Reggeborgh Beheer. Analysts said chello could be valued at between 5 billion euros ($4.85 billion) and 10 billion euros.
UPC also plans to sell shares in its Priority Telecom business late this year or early 2001. Analysts said they could not immediately place a value on the unit. The company also plans to list its media activities in another company within two years. UPC did not immediately return calls seeking comment.
UPC, with a market capitalization of about $29 billion, is a unit of U.S.-based UnitedGlobalCom Inc. (UPCOMA) and has more than 5.9 million cable subscribers across 12 European countries, while its cables pass 9 million homes. Software giant Microsoft (MSFT) and Liberty Media have a joint 15 percent stake in the Dutch firm after signing a joint venture last year to build on UPC's creation of a European Internet backbone through its Chello portal. UPC shares fell 5 percent in afternoon trading in Amsterdam.
United Pan-Europe earlier this month said it would acquire the stock in SBS Broadcasting it did not already own for $2.8 billion in cash and shares, to add TV and film content for its interactive services. 
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UPC
SBS Broadcasting
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