Liberty Global to Sell Eastern European DTH Operations
December 21, 2018
DENVER, Colorado–(BUSINESS WIRE)–Liberty Global plc (“Liberty Global”) (NASDAQ: LBTYA, LBTYB and LBTYK)
today announced that it has reached an agreement to sell its DTH
satellite TV operations currently serving four Eastern European markets
to M7 Group.
Liberty Global will sell its DTH operations for a total enterprise value
of approximately €180 million ($205 million1) on a U.S. GAAP
basis, subject to customary debt and working capital adjustments at
completion. Closing of the transaction is subject to regulatory
approval, which is expected in the first half of 2019.
Currently the DTH business serves customers in Hungary under the brand
UPC Direct, in the Czech Republic and Slovakia under the brand freeSAT,
and in Romania under the brand FocusSat.
The proceeds from the sale are expected to be used for general corporate
purposes.
Merrill Lynch International (“BofA Merrill Lynch”), a subsidiary of Bank
of America Corporation, is acting as financial advisor to Liberty Global
on the transaction.
FORWARD-LOOKING STATEMENTS AND DISCLAIMER
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding the anticipated closing of the sale of
our DTH operations, the expected use of net proceeds and other
information and statements that are not historical fact. These
forward-looking statements involve certain risks and uncertainties that
could cause actual results to differ materially from those expressed or
implied by these statements. These risks and uncertainties include the
ability to obtain regulatory approval for the transaction, our and M7
Group’s ability to achieve other customary closing conditions for the
transaction, as well as other factors detailed from time to time in
Liberty Global’s filings with the Securities and Exchange Commission
including our most recently filed Form 10-K and Forms 10-Q. These
forward-looking statements speak only as of the date of this release.
Liberty Global expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statement
contained herein to reflect any change in Liberty Global’s expectations
with regard thereto or any change in events, conditions or circumstances
on which any such statement is based.
ABOUT LIBERTY GLOBAL
Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is the world’s largest
international TV and broadband company, with operations in 10 European
countries under the consumer brands Virgin Media, Unitymedia, Telenet
and UPC. We invest in the infrastructure and digital platforms that
empower our customers to make the most of the video, internet and
communications revolution. Our substantial scale and commitment to
innovation enable us to develop market-leading products delivered
through next-generation networks that connect 21 million customers
subscribing to 45 million TV, broadband internet and telephony services.
We also serve 6 million mobile subscribers and offer WiFi service
through 12 million access points across our footprint.
In addition, Liberty Global owns 50% of VodafoneZiggo, a joint venture
in the Netherlands with 4 million customers subscribing to 10 million
fixed-line and 5 million mobile services, as well as significant
investments in ITV, All3Media, ITI Neovision, Casa Systems, LionsGate,
the Formula E racing series and several regional sports networks.
For more information, please visit www.libertyglobal.com.
____________________
1 Convenience translation based on
USD/EUR spot rate of 1.14
Contacts
Liberty Global plc
Investor
Relations:
Matt Coates, +44 20 8483 6333
John Rea, +1 303
220 4238
Stefan Halters, +1 303 784 4528
Corporate
Communications:
Molly Bruce, +1 303 220 4202
Matt Beake,
+44 20 8483 6428