EU clears Vodafone’s $22 billion Liberty deal
Brussels gave its blessing to Vodafone’s $22 billion (£17.66 billion) purchase of Liberty Global’s cable networks in Germany and central Europe, clearing the way for the British company to become Europe’s largest mobile, broadband and TV provider.
The deal is the standout move by Vodafone in its bid to become a provider of superfast broadband and payTV, rather than just a pure mobile provider. The strategy, launched by former CEO Vittorio Colao, is designed to increase customer spending and deepen user loyalty.
For John Malone’s Liberty Global, the cable exit brings rich returns for assets worth more to an acquirer who can bundle them with other services than as a standalone business. Commissioner Margrethe Vestager said the approval was designed to ensure that customers will continue enjoying fair prices, high-quality services and innovative products.
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