| 2016-10-18 16:08:58|
LBTYA, LBTYK 16:08 10/18 10/18/16
Liberty Global to acquire Multimedia Polska
Liberty Global announced that its subsidiary UPC Poland has entered into a definitive agreement to acquire the cable business of Multimedia Polska in an all cash transaction. Multimedia is being valued at an enterprise value of roughly $760M, with the final purchase price subject to potential downward adjustments for the operational and financial performance of Multimedia prior to closing. The purchase price equates to a multiple of 6.2x Multimedia's 2015 full-year Adjusted EBITDA when adjusted for approximately $30M of projected annual run-rate synergies derived from revenue and cost-related items. The acquisition of Multimedia will be financed through a combination of incremental debt borrowings and cash on hand. The transaction excludes Multimedia's existing insurance, gas and energy operations, which will be retained by the shareholders of Multimedia. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close within the next twelve months.