The deal expands Liberty's reach by raising its number of customers to 25 million, located mainly in Europe.
"We've never been more excited about the growth potential and strategic direction of our business," said Mike Fries, chief executive officer of Liberty Global, in a statement.
Shares of Liberty rose about 2.5% to $75.22 in mid-day trading in New York. Virgin Media's shares increased about 2% to $50.60.
Former News International chief Tom Mockridge began his tenure as Virgin Media's CEO on Friday, replacing Neil Berkett.
In May, Malone's