Liberty Global Vodafone deal approved by European CommissionThursday, July 18th, 2019
The European Commission Approves Liberty Global’s Sale of Operations in Germany, Hungary, Romania and the Czech Republic to Vodafone
DENVER, Colorado — 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 billion [$21.5] billion, on a GAAP basis. All regulatory conditions now are met in alignment with the original terms and the transaction is now expected to close by July 31.
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 four million customers subscribing to 10 million fixed-line and five million mobile services.
Mike Fries, CEO Liberty Global said: “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.”