Liberty Global Acquires 4.92% Interest in Vodafone
February 13 2023 - 11:30AM
Business Wire
CEO Mike Fries calls stake an “opportunistic and financial
investment”
Liberty Global plc (“Liberty Global”) (NASDAQ: LBTYA, LBTYB and
LBTYK) announced today that it has acquired 1,335 million shares in
Vodafone Group PLC ("Vodafone") representing 4.92% of the
outstanding share capital (excluding treasury shares). The
transaction was principally funded through an attractive
non-recourse financing, requiring equity funding from Liberty
Global of approximately £225 million.
Mike Fries, CEO of Liberty Global, commented, “We believe, like
many others, that Vodafone’s current share price does not reflect
the underlying long-term value of their operating businesses, or
their announced consolidation and infrastructure opportunities. We
continue to remain disciplined about our capital and fully expect
that the equity used to fund this investment will be replenished
with the sale of certain non-core assets over time.”
No regulatory approvals are required for an investment at this
level and Liberty Global does not intend to seek board
representation at Vodafone.
The investment in Vodafone is part of Liberty Global’s
investment portfolio of more than 75 companies and funds across
content, technology, and infrastructure, including stakes in
companies such as ITV, Televisa Univision, AtlasEdge, Plume, and
the Formula E racing series.
Liberty Global confirms that it is not considering an offer for
Vodafone. This is a statement to which Rule 2.8 of the UK Takeover
Code (the "Code") applies.
ABOUT LIBERTY GLOBAL
Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is a world
leader in converged broadband, video and mobile communications
services. We deliver next-generation products through advanced
fiber and 5G networks, and currently provide over 86 million fixed
and mobile connections* across Europe and the United Kingdom. Our
businesses operate under some of the best-known consumer brands,
including Virgin Media-O2 in the U.K., VodafoneZiggo in The
Netherlands, Telenet in Belgium, Sunrise in Switzerland, Virgin
Media in Ireland and UPC in Slovakia. Through our substantial scale
and commitment to innovation, we are building Tomorrow’s
Connections Today, investing in the infrastructure and platforms
that empower our customers to make the most of the digital
revolution, while deploying the advanced technologies that nations
and economies need to thrive.
Our consolidated businesses generate annual revenue of more than
$7.5 billion, while the VodafoneZiggo JV and the VMO2 JV generate
combined annual revenue of more than $19 billion.**
Liberty has an investment portfolio consisting of more than 75
companies and funds across content, technology, and infrastructure,
including stakes in companies such as ITV, Televisa Univision,
AtlasEdge, Plume, and the Formula E racing series.
* Represents aggregate consolidated and 50% owned
non-consolidated fixed and mobile subscribers. Includes wholesale
mobile subscribers of the VMO2 JV and B2B fixed subscribers of the
VodafoneZiggo JV.
** Revenue figures above are provided based on full year 2021
Liberty Global consolidated results (excluding revenue from the
U.K. JV Entities) and the combined as reported full year 2021
results for the VodafoneZiggo JV and estimated U.S. GAAP full year
2021 results for the VMO2 JV. For more information, please visit
www.libertyglobal.com.
Rule 2.8 of the Code Notes Pursuant to Rule 2.8, Liberty
Global is prohibited from announcing an offer or possible offer for
Vodafone and from taking certain other actions as set out in Rule
2.8 for a period of six months (save in the limited circumstances
set out below). Although Liberty Global does not intend to make an
offer for Vodafone, for the purposes of Note 2 on Rule 2.8 of the
Code, Liberty Global and any person(s) acting in concert with it
reserve the right to set the restrictions in Rule 2.8 aside in the
following circumstances: a. with the agreement of the board of
Vodafone; b. following the announcement of a firm intention to make
an offer for Vodafone by or on behalf of a third party; c.
following the announcement of a possible offer for Vodafone by or
on behalf of a third party; d. following the announcement by
Vodafone of a Rule 9 waiver proposal (as described in Note 1 of the
Notes on Dispensations from Rule 9 of the Code) or a reverse
takeover (as defined in the Code); or e. where the Panel on
Takeovers and Mergers has determined that there has been a material
change of circumstances.
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