Vodafone to pay $21.8 billion for Liberty assets to strengthen European presence

Business


Vodafone will get access to 54 million homes on its cable and fibre network and enable it to cross sell a range of services to those customers, while also taking out costs.

The deal, one of the biggest in Vodafone’s history, follows a similar move in Spain where Vodafone bought cable operator Ono and is designed to help the group meet customer demand for a single package of fast communications services.

“Vodafone will become Europe’s leading next generation network owner, serving the largest number of mobile customers and households across the EU,” Chief Executive Vittorio Colao said.

Vodafone said combining the companies’ operations would generate cost savings of about 535 million euros a year before integration costs by the fifth year after the deal completes.

The two companies, which already have a joint venture in the Netherlands which is excluded from the deal, restarted talks in February about Vodafone buying Liberty’s assets in the other continental European countries where they overlap.



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