Liberty Global Inks Deal for KBW

ENGLEWOOD: Liberty Global has reached a deal to acquire Germany’s third-largest cable platform, KBW, for a total consideration of 3.16 billion euros ($4.5 billion).

Liberty is acquiring the platform, which serves 2.4 million customers accessing 3.9 million cable, telephony and broadband services in Baden-Württemberg, from EQT Funds.

"The proposed acquisition of KBW is great news for our shareholders and, just as importantly, German consumers," said Mike Fries, the president and CEO of Liberty Global. “This transaction provides us with further access to one of the fastest-growing cable markets in Europe and is fully aligned with our strategy of acquiring world-class cable operations that are accretive from a value and growth perspective. In addition, we strongly believe that this will enhance competition in the German marketplace and provide significant benefits to customers who are increasingly demanding faster and more reliable access to broadband services. Together with our existing Unitymedia operation that passes 8.7 million homes and serves 4.6 million customers in the contiguous states of Hesse and North Rhine-Westphalia, Germany will become our largest European market and a key driver for continued innovation in next generation broadband and digital TV services."

The transaction is subject to regulatory approval and is expected to close in the second half of this year.