Vodafone and Liberty Global announce Dutch JV

Feb 16, 2016, 11:57
Vodafone and Liberty Global announce Dutch JV

At 31 December 2015, Liberty Global had 14.2 million enhanced video subscribers22, representing enhanced video penetration of 65%, and 7.7 million basic video subscribers.

Vodafone group chief executive Vittorio Colao said the deal would create "a strong and competitive integrated communications player" which would invest in digital infrastructure and entertainment services.

The companies said they would see run-rate savings of 280 million euros per year from the fifth year after the closing of the deal, which they expect towards the end of 2016.

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Mobile network operator (MNO) Vodafone and cable and broadband provider Liberty Global are to merge their Dutch operations to create a 50-50 joint venture in the Netherlands.

The venture will sell mobile and cable under both companies' brands (Ziggo and Vodafone), and Vodafone will pay €1B as part of the deal to equalize their ownership. Vodafone Netherlands will be contributed on a debt and cash free basis. The joint venture will target a leverage of 4.5-5.0 times EBITDA, based on Ziggo's current Euro 7.3 billion in debt and expected future financing.

The tie-up comes just weeks after the Vodafone and Liberty Global restarted talks.

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With more than 15 million customers it will be the second largest telecoms company in the Netherlands, after KPN.

Liberty CEO Mike Fries added: "Throughout Europe, Liberty is capitalising on the rising demand for lightning-fast broadband speeds, the coolest digital TV platforms and apps, and seamless 4G wireless connectivity". Vodafone has a market value of €4.7bil (RM21.7bil) in the Netherlands, and is far behind KPN and Ziggo in both television and cable. "We look forward to working together to develop cutting‐edge converged services for the Dutch market".

The JV will have a significant opportunity to provide Ziggo's triple-play services to Vodafone Netherlands' mobile consumers and enterprise customers and to provide Vodafone Netherlands' mobile services to Ziggo's residential and business customers.

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