Liberty Global has bid €929 million ($1 billion) for the full takeover of Belgian operator Telenet.

The company announced its intentions this week through its Belgian subsidiary, Liberty Global Belgium Holding B.V, which has launched a voluntary and conditional public takeover bid of the telco.

Since 2007, Liberty Global has been the controlling shareholder of Telenet, while Belgium is its fourth largest market in Europe after the UK, Netherlands, and Switzerland.

As part of its offer, the company said its offering €22 per share in cash, which Liberty Global says 'represents a premium of 59 percent compared to the closing price of Telenet on March 15, 2023.

Telenet has seen its stock decline in the last 12 months by around 50 percent, giving it a market value of €1.7 billion ($1.84bn).

In the statement, Liberty Global added that it will need to reach 95 percent ownership of the shares and to have acquired 90 percent of the shares targeted by the offer before the squeeze-out process can begin.

Elsewhere, earlier this week it was reported that Liberty Global-owned Virgin Media O2 is eyeing up a takeover bid of alternative network provider CityFibre.

CityFibre is estimated to be worth $3.66 billion and is targeting eight million premises with its Fiber-to-the-Premises (FTTP) services by 2025.