Liberty Global extends reach in latest acquisition deal
CANNES, France – John Malone’s international cable company Liberty Global is to acquire Multimedia Polska, the third-largest cable operator in Poland, for PLN 3 billion ($760 million). The deal was conducted through Liberty Global’s subsidiary, UPC Poland, which is already the nation’s biggest cable operator.
The acquisition will be financed through a combination of debt and cash, Liberty Global said. It excludes Multimedia Polska’s non-telecoms businesses – insurance, gas and other energy operations – which will be retained by the shareholders of Multimedia. The transaction is subject to regulatory approval, and is expected to close within the next 12 months.
The combined operations of UPC Poland and Multimedia will have access to more than 4 million homes and businesses. As of June 30, UPC Poland passed 3.1 million homes, or around 20% of total households in Poland, serving 1.4 million unique customers who subscribed to 2.9 million cable subscription services. Multimedia passed 1.6 million homes, serving 832,000 unique customers who subscribed to 1.4 million subscription services. In addition, Multimedia had 54,000 mobile subscribers.
Mike Fries, CEO of Liberty Global, commented, “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 4 million premises. Upon closing of the transaction, we will begin upgrading the Multimedia network, after which Multimedia’s customers will be able to enjoy super-fast broadband speeds and our next-generation video service Horizon TV.”