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Liberty Global, Zouk Capital announce joint venture partnership, Liberty Charge » 05:2305/2005/20/20
Liberty Global Ventures…
Liberty Global Ventures and Zouk Capital today announce a joint venture partnership, Liberty Charge, which will roll out on-street residential electric vehicle charging points in the UK. "Zouk is the manager of the Charging Infrastructure Investment Fund, the dedicated fund established by the UK Government in 2019 and backed by HM Treasury to help develop public charging infrastructure points for electric vehicles throughout the UK. Leveraging Virgin Media's connectivity network, infrastructure deployment capabilities and trusted relationships with local authorities, the 50:50 joint venture - originally set up as a small incubation initiative within Liberty Global Ventures last year - will focus on providing the under-the-pavement power and communications infrastructure necessary for electric vehicle charging in residential areas." Neil Isaacson, who has been leading Liberty Charge's market development activities, has been appointed CEO of the venture.
Luxor Capital reports 5.68% passive stake in Liberty Global » 16:1705/1805/18/20
Luxor Capital Partners…
Luxor Capital Partners disclosed a 5.68% stake in Liberty Global, which represents over 23.3M shares. The filing does not allow for activism.
Fly Intel: Top five analyst upgrades » 10:1205/1205/12/20
LBTYA, KMX, ES, MMC, CBAY
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Liberty Global (LBTYA) upgraded to Buy from Hold at HSBC. 2. CarMax (KMX) upgraded to Outperform from Neutral at Wedbush with analyst Seth Basham saying he anticipates a stronger bounce-back than previously expected and believes that the company is well positioned to capture market share coming out of the COVID-19 pandemic period. 3. Eversource (ES) upgraded to Buy from Neutral at Janney Montgomery Scott with analyst Michael Gaugler saying despite a mid-March snowstorm that caused significant customer outages, Eversource's Q1 EPS met his expectations and were slightly ahead of consensus. 4. Marsh & McLennan (MMC) upgraded to Overweight from Neutral at Atlantic Equities. 5. CymaBay (CBAY) was upgraded to Outperform from Market Perform at Raymond James and SVB Leerink, to Outperform from In Line at Evercore ISI, and to Buy from Neutral at Stifel and Roth Capital. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Liberty Global upgraded to Buy from Hold at HSBC » 05:2605/1205/12/20
HSBC analyst Christian…
HSBC analyst Christian Fangmann upgraded Liberty Global to Buy from Hold with a $28 price target.
Fly Intel: Wall Street's top stories for Thursday » 17:4705/0705/07/20
VIAC, VIACA, GOOG, GOOGL, MRNA, LYFT, UBER, PYPL, SQ, LBTYA, LBTYK, TEF, DOW, AMP, TWLO, PTON, SAVE, SEDG, BHC
Stocks rose Thursday as…
Liberty Global upgraded to Buy from Neutral at New Street » 16:1905/0705/07/20
New Street analyst James…
New Street analyst James Ratzer upgraded Liberty Global to Buy from Neutral with a $32 price target.
Fly Intel: Wall Street's top stories at midday » 12:0805/0705/07/20
MRNA, VIAC, GOOGL, GOOG, LBTYA, TEF, LYFT, PYPL, SQ, AMP, TWLO, PTON, SAVE, SEDG, BHC
Stocks are rising in…
Liberty Global to host business news update conference call » 08:1205/0705/07/20
LBTYK, LBTYA, TEF
Management discusses Liberty Global and Telefonica merging their UK operations on a conference call to be held on May 7 at 9 am. Webcast Link
Liberty Global, Telefonica announce 50:50 joint venture of U.K. operations » 05:1005/0705/07/20
LBTYK, TEF, LBTYA
Liberty Global (LBTYA,…
Liberty Global (LBTYA, LBTYB and LBTYK) and Telefonica (TEF) announced an agreement to merge their operating businesses in the U.K. to form a 50:50 joint venture. The combination of Virgin Media and O2 will create a nationwide integrated communications provider with over 46 million video, broadband and mobile subscribers and GBP 11 billion of revenue, the companies said in a statement. The transaction will include a series of recapitalization financings prior to closing to reach its target closing net leverage ratio for the venture of 5.0 times, or approximately GBP 18 billion of long-term debt. Net new proceeds from the recapitalizations are targeted to be approximately GBP 6 billion. After taking into account the recapitalizations, Telefonica is expected to receive GBP 5.7 billion in total proceeds from the transaction. Liberty Global is expected to receive GBP 1.4 billion in total, including approximately GBP 800 million from the recapitalization of its retained and 100% owned Virgin Media Ireland business. The transaction will not trigger a change of control under Virgin Media's existing third-party debt that will be contributed in full to the joint venture. As part of the transaction, a syndicate of banks has underwritten a GBP 4 billion standalone undrawn financing on the O2 business. The joint is expected to generate operating benefits, with estimated run-rate cost, capex and revenue synergies of GBP 540 million on an annual basis by the fifth full year post closing, equivalent to a net present value of approximately GBP 6.2 billion post tax and net of integration costs, as well as synergies from the accelerated usage of existing tax assets. The transaction is expected to close around the middle of 2021. Executive leadership of the venture will be agreed prior to the closing. The board will consist of eight members, four from each of Liberty Global and Telefonica. Mr. Fries, CEO of Liberty Global, and Mr. Alvarez-Pallette, CEO of Telefonica, will sit on the board. The post of Chairman will be held for alternating two-year periods by Liberty Global or Telefonica with Liberty Global holding the position first.
Liberty Global reports Q1 revenue $2.88B, consensus $2.82B » 16:3105/0605/06/20
CEO Mike Fries stated,…
CEO Mike Fries stated, "Along with the rest of the world, we've been focused in recent weeks on tackling the challenges associated with the COVID-19 pandemic. We have been primarily concerned with ensuring the health and safety of our employees and providing robust and reliable connectivity for our customers. I am happy to report that our broadband networks have readily absorbed increases exceeding 20% in downstream and 50% in upstream bandwidth across our footprint. Our recent investments in infrastructure, gigabit speeds and connectivity products have proven invaluable to our customers. In addition to delivering critical telecommunications services, we have launched a number of initiatives aimed at enhancing our customers' experience during these difficult times. At Virgin Media, for example, we have provided free kids programming, greater connectivity to critical public services such as NHS hospitals and bigger data packages for our mobile customers. On the continent, Telenet and UPC have launched similar plans ranging from free broadband speed increases to improved connectivity for nursing care facilities so that families can stay in touch with their loved ones virtually. Connectivity is at the heart of our company and we remain unwavering in our commitment to providing our customers and communities with the very best broadband experience possible, especially now. As a critical service provider with limited exposure to those sectors of the economy most impacted by the pandemic, our Q1 results were broadly in-line with our expectations. At Virgin Media, we held our fixed-line customer base largely flat while increasing customer ARPU 1.2%. Virgin also delivered a record 72,000 postpaid mobile additions in Q1, bringing our FMC penetration to 22%, up 250 basis point from Q1'19. This result was powered by our Oomph! FMC bundles which feature super-fast broadband speeds combined with attractive mobile offers. We saw continued progress at UPC Switzerland as our fixed-line customer losses nearly halved year over year and our FMC penetration increased to 21%, up from 15% twelve months ago. Our Swiss operation continues to track to plan despite increased competition in the market and we remain particularly encouraged by the free cash flow profile of the business. And in Belgium, we experienced a similar trend with a small decline in fixed customers offset by an increase in customer ARPU. On the mobile front, Telenet added 6,000 mobile subscribers in the quarter, pushing FMC penetration to 45%, up from 42% in Q1 2019. We are still assessing the medium-term impact from the COVID-19 crisis on our financial guidance and expect to update investors on our second quarter earnings call. For now, however, we remain encouraged by our operating prospects and do not currently see the need to change or suspend our full-year guidance. Meanwhile, our balance sheet remains in great shape and we have over $10 billion of liquidity. We did remain active on share buybacks, spending nearly $500 million from mid-February until the end of April, during which time we acquired nearly 29 million shares at an average price of approximately $16.75."