The European Commission Approves Liberty Global’s Sale of Operations in Germany, Hungary, Romania & the Czech Republic to V...
July 18 2019 - 5:07AM
Business Wire
Today, the European Commission announced its final approval of
the sale of Liberty Global’s operations in Germany, Hungary,
Romania and the Czech Republic to Vodafone Group plc (“Vodafone”).
The transaction, announced May 9, 2018, has a total enterprise
value of approximately €19.0 billion ($21.5 billion) on a U.S. GAAP
basis1. All regulatory conditions now are met in alignment with the
original terms and the transaction is now expected to close by July
31.
Mike Fries, Chief Executive Officer of Liberty Global,
stated:
“We’re pleased that the European Commission has recognized the
considerable benefits that this important transaction brings to
millions of consumers across Germany, Hungary, Romania and the
Czech Republic. And it is good news for our employees in each
market who will become part of a fixed-mobile national challenger
with the strength and scale to take on national telco
incumbents.”
After completion of the transaction, Liberty Global will
continue to be one of the world’s leading converged video,
broadband and communications companies, with consolidated
operations in the United Kingdom, Ireland, Belgium, Switzerland,
Poland and Slovakia. Together, these country operations reach 25
million homes, account for 25 million video, broadband and
fixed-line telephony subscribers and six million mobile services.
In addition to a significant cash balance as a result of the
proceeds, Liberty Global also 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.
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 our strategic outlook, the
anticipated timing of the closing of the sale transaction, the
expected benefits of the transaction, expectations with respect to
our continuing operations 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
achieve customary closing conditions, the ability of Vodafone to
successfully integrate the combined businesses impacted by the
transaction and achieve the anticipated benefits thereof, 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 Forms 10-K and 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
As per March 31, 2019, 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,
LionsGate, the Formula E racing series and several regional sports
networks.
For more information, please visit www.libertyglobal.com.
1 Total enterprise value is calculated on a U.S. GAAP basis and
does not include any outstanding indebtedness of the UPC Holding
borrowing group. Convenience translation based on USD/EUR spot rate
of 1.13.
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8483 6428
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