Liberty Global, Vodafone Complete $11.3B System Deal
Liberty Global polishes off sale of operations in Germany, Hungary, Romania and the Czech Republic to Vodafone.
July 31, 2019
DENVER, Colo. -- Liberty 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).
The net cash proceeds were approximately €10.1 billion ($11.3 billion)1.
We 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.
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