Slaughter and May is advising Vodafone Group Plc (Vodafone) on the proposed acquisition of certain operations of Liberty Global (Liberty). Vodafone has agreed to acquire Unitymedia GmbH in Germany and Liberty Global’s operations (excluding its “Direct Home” business) in the Czech Republic, Hungary, and Romania, for a total enterprise value of €18.4 billion. This is expected to comprise approximately €10.8 billion of cash consideration paid to Liberty Global and €7.6 billion of acquired existing Liberty debt, subject to completion adjustments.
The acquisition accelerates Vodafone’s converged communications strategy through in-market consolidation in Vodafone’s largest market, Germany, and in Vodafone’s Central and Eastern European markets, the Czech Republic, Hungary and Romania. Unitymedia is the second largest cable operator in Germany, UPC Czech and UPC Hungary are the largest cable operators in the Czech Republic and Hungary, and UPC Romania is the second largest cable operator in Romania.
The Transaction will be subject to review by and approval from the European Commission.
Vodafone anticipates that completion will take place around the middle of calendar 2019.