Despite NTL Ireland turning a profit, in May 2005, NTL sold their Dublin, Galway, and Waterford cable business (which they had acquired in 1999 for €825 million from the Irish government) to UGC Europe for €325 million – this after having spent in excess of €100 million on network infrastructure, resulting in a loss of €500 million, more than 50% of the purchase price. Liberty Global continued to use the NTL brand in Ireland, but was eventually merged with Chorus Communications and rebranded as UPC Ireland in May 2010.