UPC Ireland is to acquire broadcaster TV3 in a deal worth up to €87m, the communications company has announced.

UPC, which is owned by Liberty Global, will pay an initial €80m for TV3 and its sister channel 3e, with an additional €7m set to be paid if the station hits certain performance targets.

TV3 is currently owned by private equity group Doughty Hanson, which bought the company in 2006 for €265m.

In 2013 it agreed a restructuring of its debt, buying loans relating to the broadcaster previously held by Anglo Irish Bank.

The takeover deal will be subject to regulatory approval by the Competition and Consumer Protection Commission as well as a media plurality test by the Government.

UPC Ireland’s CEO Magnus Ternsjo said the deal would secure the long-term future of TV3, while Doughty Hanson’s Christopher Fielding said the company was pleased that its investment had “come to this successful conclusion”.

UPC’s parent company Liberty Global operates in a number of markets in Europe and the Americas, including as Virgin Media in Britain.

Liberty Global also has a small shareholding in ITV plc, and co-owns production firm All3media.