Liberty is one of the world’s leading converged video, broadband and mobile communications companies, and its UPC networks in Poland passed 3.7 million homes and served 1.5 million customers who subscribed to 1.3 million broadband, 1.4 million video, and over 600,000 telephony services.
Liberty Global has agreed to sell UPC Poland for a total enterprise value of PLN 7.0 billion subject to customary debt and working capital adjustments at completion. The sale price represents a multiple of approximately 9x UPC Poland’s estimated 2021 Adjusted EBITDA, and nearly 20x its estimated 2021 operating free cash flow. Closing of the transaction is subject to satisfaction of customary closing conditions, including receipt of requisite regulatory approvals. The closing is currently expected to occur in the first half of 2022.
Mike Fries, Chief Executive Officer of Liberty Global said, “This transaction highlights, yet again, the significant value of fiber-rich HFC networks in Europe, as well as the substantial synergy benefits inherent in fixed-mobile convergence (“FMC”) mergers. We have been operating in Poland for over 20 years and are proud of our contributions to the country’s growing digital economy and the impact that we’ve made in the communities where we operate.”