Liberty Global to Acquire Poland's Multimedia for $760M
John Malone's international cable operator is already the country's largest cable firm, with its UPC Poland providing 2.9 million subscriptions to 1.4 million unique customers.
John Malone's Liberty Global said late Tuesday that it has agreed to acquire the cable business of Multimedia Polska, the third-largest cable operator in Poland, for about $760 million in cash.
The final purchase price is subject to potential downward adjustments for the operational and financial performance of Multimedia prior to closing.
The deal is the latest for the company, which has consolidated cable operators in key European and Latin American markets.
Liberty Global's UPC Poland is already the country's largest cable operator. As of June 30, it passed 3.1 million homes, or around 20 percent of all households, and served 1.4 million unique customers who subscribed to a total of 2.9 million services. As of mid-year, Multimedia passed 1.6 million homes and served 832,000 unique customers who subscribed to 1.4 million services. Those consisted of 643,000 video, 491,000 broadband and 241,000 telephony service subscribers. In addition, it had 54,000 mobile subscribers.
Said Liberty Global CEO Mike Fries: "This acquisition will significantly increase our scale in Poland, where we are already the largest cable operator. It will also enhance our ability to invest in cutting-edge products and services for Polish consumers and businesses that will help drive organic growth across our enlarged footprint of over four million premises."
The deal excludes Multimedia’s insurance, gas and energy operations. The transaction is subject to regulatory approval and is expected to close within the next year.
"With over 4 million passed homes and businesses, the combined operations of UPC Poland and Multimedia will be able to compete more effectively to the benefit of Polish consumers and businesses alike," Liberty Global said.