Vodafone and Liberty in talks over European asset swap

Vodafone, one of the world's largest mobile operators, and John Malone's Liberty Global cable group are in talks about swapping parts of their telecoms and cable empires in Europe. Vodafone shares rose 3.4 per cent to 221.6p in London trading after the Financial Times reported the talks. Vodafone and Liberty held talks about an asset swap in 2015 that were meant to pre-empt a full merger of the two, but the negotiations failed. Among the hurdles in 2015 were valuation, given that Liberty trades at a higher earnings multiple than Vodafone. Liberty also carries much higher debt than Vodafone.

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