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Technology Stocks : United Pan-Europe Communications - UPC (UPCOY)
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To: RockyBalboa who wrote (29)2/12/1999 8:20:00 AM
From: Neil H  Read Replies (1) of 95
 
Dutch Telecom Firm UPC's Initial Offering Priced At $32.57
February 12, 1999 1:01 AM
DENVER -(Dow Jones)- Television and communications company United International Holdings Inc. late Thursday said the initial public offering of its Dutch telecommunications group was priced at 29 euros ($32.57), at the high end of the expected range.

Denver-based United International (UIHIA) said 40 million ordinary shares and American depositary shares of its United Pan-Europe Communications NV unit will be offered for sale, including about 10.2 million shares owned by Microsoft Corp. (MSFT).

United Pan-Europe Communications postponed its initial listing of its American Depositary Shares on Nasdaq and ordinary shares on the Amsterdam stock exchange by a day, until Friday, to iron out what it called "minor details."

At the completion of the offering, scheduled for Wednesday, United International will own 77.1 million shares, or 62% of United Pan-Europe's ordinary shares.

United Pan-Europe Communications, or UPC, owns and operates cable-based communications networks in 10 countries. The unit will list shares on Nasdaq and the Amsterdam Stock Exchange.

United International is on the verge of rapid expansion into new telephone, Internet-access, and video offerings over its cable TV lines in Europe, where it has demonstrated the potential of increasing revenue-per-customer to $100-plus per month from as low as $8 a month. It will need money to fuel that expansion, and a IPO could help provide it.

Neil
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