John Malone's Liberty Global has made it official, agreeing to acquire U.K. cable giant Virgin Media in a cash and stock deal valued at approximately $23.3 billion.
Under the terms of the agreement, Virgin Media shareholders will get $17.50 in cash and Liberty Global Series A and Series C shares.
The price tag reflects a 24 percent premium to Virgin Media’s closing price on Monday when the first deal chatter first emerged.
Virgin competes with the likes of satellite TV giant BSkyB, in which Rupert Murdoch's News Corp. owns a 39 percent stake, setting up a U.K. showdown between the moguls.
Virgin's stock had hit a 52-week high Tuesday after the second-largest British pay TV firm confirmed deal talks.