Liberty Global completes Vodafone assets sale

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Following the approval of the proposed transaction by the European Commission,  converged video, broadband and communications company Liberty Global has completed the sale of its operations in Germany, Hungary, Romania and the Czech Republic to Vodafone Group plc for approximately €19 billion. The purchase price represents a multiple for all four businesses combined of 11.5x adjusted Segment OCF, or approximately 24x operating free cash flow (OFCF), for 2017 (the full year prior to announcement).

The net cash proceeds were approximately €10.1 billion.

Liberty Global says it has 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 US dollars at an average USD/EUR exchange rate of 1.12.


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