Business
Liberty Global Completes the Sale of Its Operations in Germany, Hungary, Romania and the Czech Republic to Vodafone
DENVER, Colorado--(BUSINESS WIRE)-- Liberty Global plc (“Liberty Global”) (NASDAQ: LBTYA, LBTYB and LBTYK) today announced that it has completed the sale of
About this update from Liberty Global Ltd.
[{"type":"text","content":" DENVER, Colorado--(BUSINESS WIRE)--\nLiberty Global plc (“Liberty Global”) (NASDAQ: LBTYA, LBTYB and LBTYK) today announced that it has completed the sale of its operations in Germany, Hungary, Romania and the Czech Republic to Vodafone Group plc (“Vodafone”) for approximately €19.0 billion ($21.3 billion)1 on a U.S. GAAP basis2. The purchase price represents a multiple for all four businesses combined of 11.5x3 adjusted Segment OCF4, or approximately 24.0x operating free cash flow (“OFCF”)5, for 2017 (the full year prior to announcement).\n\n\nThe net cash proceeds were approximately €10.1 billion ($11.3 billion)1.\n\n\nWe have hedged the foreign currency risk associated with the net proceeds through the use of various derivative instruments, which had the effect of converting the majority of the euro denominated proceeds into U.S. dollars at an average USD/EUR exchange rate of 1.12.\n\n\nABOUT LIBERTY GLOBAL\n\n\nLiberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is one of the world’s leading converged video, broadband and communications companies, with operations in six European countries under the consumer brands Virgin Media, Telenet and UPC. We invest in the infrastructure and digital platforms that empower our customers to make the most of the digital revolution. Our substantial scale and commitment to innovation enable us to develop market-leading products delivered through next-generation networks that connect 11 million customers subscribing to 25 million TV, broadband internet and telephony services. We also serve 6 million mobile subscribers and offer WiFi service through millions of access points across our footprint.\n\n\nIn 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.\n\n\nFor more information, please visit www.libertyglobal.com.\n\n\n_________________\n1 Convenience translation based on USD/EUR rate of 1.12. The amount of net cash proceeds we received from the transaction differs from the amount we estimated at the time the deal was announced in May 2018 primarily due to the net effect of (i) adverse movement in the EUR/USD exchange rate, ...