Liberty completes sale of UPC Austria to T-Mobile

1 Aug 2018

Liberty Global has announced that it has completed the previously announced sale of cableco UPC Austria to T-Mobile Austria for an enterprise value of EUR1.9 billion (USD2.2 billion). The UK-based firm agreed to sell 100% of its UPC-branded cable provider in Austria to Deutsche Telekom’s local wireless unit in December last year and the deal was approved by the EC in July. The move will enable T-Mobile to become a full-service provider and offer convergent product bundles to its customer base, although the UPC brand may be used for up to three years.

The proceeds, after taking into account the repayment of debt that Liberty Global attributes to UPC Austria, will be approximately EUR900 million and will be used to increase the firm’s share repurchase programme by EUR500 million and to repay additional debt across select credit pools of Liberty Global.