Liberty Global to Sell Eastern European DTH Operations
December 21 2018 - 3:00AM
Business Wire
Liberty Global plc (“Liberty Global”) (NASDAQ: LBTYA, LBTYB and
LBTYK) today announced that it has reached an agreement to sell its
DTH satellite TV operations currently serving four Eastern European
markets to M7 Group.
Liberty Global will sell its DTH operations for a total
enterprise value of approximately €180 million ($205 million1) on a
U.S. GAAP basis, subject to customary debt and working capital
adjustments at completion. Closing of the transaction is subject to
regulatory approval, which is expected in the first half of
2019.
Currently the DTH business serves customers in Hungary under the
brand UPC Direct, in the Czech Republic and Slovakia under the
brand freeSAT, and in Romania under the brand FocusSat.
The proceeds from the sale are expected to be used for general
corporate purposes.
Merrill Lynch International (“BofA Merrill Lynch”), a subsidiary
of Bank of America Corporation, is acting as financial advisor to
Liberty Global on the transaction.
FORWARD-LOOKING STATEMENTS AND DISCLAIMER
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding the anticipated closing of the
sale of our DTH operations, the expected use of net proceeds and
other information and statements that are not historical fact.
These forward-looking statements involve certain risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by these statements. These risks
and uncertainties include the ability to obtain regulatory approval
for the transaction, our and M7 Group’s ability to achieve other
customary closing conditions for the transaction, as well as other
factors detailed from time to time in Liberty Global’s filings with
the Securities and Exchange Commission including our most recently
filed Form 10-K and Forms 10-Q. These forward-looking statements
speak only as of the date of this release. Liberty Global expressly
disclaims any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statement contained herein to
reflect any change in Liberty Global’s expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based.
ABOUT LIBERTY GLOBAL
Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is the world’s
largest international TV and broadband company, with operations in
10 European countries under the consumer brands Virgin Media,
Unitymedia, Telenet and UPC. We invest in the infrastructure and
digital platforms that empower our customers to make the most of
the video, internet and communications revolution. Our substantial
scale and commitment to innovation enable us to develop
market-leading products delivered through next-generation networks
that connect 21 million customers subscribing to 45 million TV,
broadband internet and telephony services. We also serve 6 million
mobile subscribers and offer WiFi service through 12 million access
points across our footprint.
In addition, Liberty Global owns 50% of VodafoneZiggo, a joint
venture in the Netherlands with 4 million customers subscribing to
10 million fixed-line and 5 million mobile services, as well as
significant investments in ITV, All3Media, ITI Neovision, Casa
Systems, LionsGate, the Formula E racing series and several
regional sports networks.
For more information, please visit www.libertyglobal.com.
____________________1 Convenience translation based on USD/EUR
spot rate of 1.14
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Liberty Global
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