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It didn't take Dr John Malone a long time to re-enter the int'l game. Three weeks ago, he appeared ready to focus on the US market, as Liberty (LMGa) sold the bulk of its int'l distribution and programming assets to UnitedGlobalCom (UCOMA). Tuesday, Malone became the biggest monetary investor in Excite Chello, an int'l high- speed access company formed through a merge of UPC's (UPCOY) chello broadband subsidiary and E@H's (ATHM) int'l operations. The good doctor is spending $187mln for a 4% stake and a place on the board. Conspicuously absent from the press conference, he was present in the official release: "This strategic investment complements our existing broadband and media portfolio, and further strengthens our already close relationship with the United Group." As for the deal itself (which had been talked about in London for weeks), not many surprises. UCOMA and E@H each will invest $94.5mln and retain 43% stakes in the new company. The remaining 10% (after Malone's 4%) will be available for employees. The new company will begin business with 300K broadband subs in 15 countries, and predictions of having 500K in place by the end of the year. It will launch an IPO late this year or early next on the Amsterdam and Nasdaq exchanges. Look for Excite Chello's first big move to focus on UK MSO Telewest (TWSTY). UPC owns 25% of Telewest and partnering talks between chello and Telewest broke off just weeks ago because of disagreements over chello's value, which is a bit better defined now (some reports value Excite Chello at $5bln). The Excite Chello merger is scheduled to close in late December. (No word yet on when its new logo will replace the old one on the F1 Arrows car...)