May 9, 2018
Vodafone strikes €18.4bn takeover of Liberty Global assets
Vodafone has struck a deal to buy Liberty Global's cable networks in Germany and eastern Europe in a blockbuster €18.4bn takeover that is the most significant industry consolidation in the region in more than a decade. Vodafone has paid the equivalent of 11.5 times the operating cash flow of the Liberty assets, in line with recent smaller deals in European cable. Mike Fries, chief executive of Liberty Global, said the deal to sell its cable networks to Vodafone would create a stronger competitor to Deutsche Telekom. Liberty Global and Vodafone remain confident the deal will be approved by European regulators. Vodafone has been advised by Morgan Stanley, Robey Warshaw and UBS. Liberty Global was advised by Goldman Sachs and LionTree.
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