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Liberty Global will remain based in Englewood, Colo., while Virgin Media will continue to operate under its namesake brand in the U.K. Virgin Media shareholders are set to get about 36 percent of Liberty Global's outstanding shares and about 26 percent of the voting rights, the companies said. They added that they expect about $180 million in annual costs savings once they are fully combined. They didn't say whether any of their employees will be laid off as part of the cost cutting. More details about the companies' plan could emerge during a management conference call scheduled for 8:30 a.m. EST Wednesday. Liberty Global also said it plans to buy back about $3.5 billion worth of its shares over a two-year period after the Virgin Media deal is closed.
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