Liberty Global to Acquire Polish Cable Operator Aster

ENGLEWOOD: Liberty Global has reached a deal to buy up 100 percent of the Polish cable operator Aster from Mid Europa Partners.

Liberty Global, which owns the country’s leading cable provider UPC, will acquire all shares of Aster for PLN 870 million ($292 million). It will also take on Aster’s debt of approximately PLN 1,530 million ($513 million) for a total consideration of PLN 2,400 ($805 million).

Aster is Poland’s first quadruple-play service provider, offering television, broadband Internet and mobile and fixed line telephony services. It is the fourth largest cable operator in Poland, with some 380,000 subscribers.

"Our Polish operation has consistently been one of our best performers over the last several years," said Mike Fries, the president and CEO of Liberty Global. "This acquisition will enhance our market position and ensure that our superior network and next generation digital and broadband products are made available to Aster’s customers. The Polish cable TV market is highly fragmented, and this is a natural and necessary step towards consolidating the industry and ensuring that cable continues to drive investment and innovation. Given the characteristics of Aster’s business and the proximity to our existing operations, the deal is attractively priced at approximately 7.3 times our estimate of Aster’s 2011 EBITDA, including anticipated annual synergies to be realized following full integration of the acquisition.”