Vodafone’s €18.4 billion acquisition of certain operations of Liberty Global in Europe

Vodafone has agreed to acquire Liberty Global’s operations in Germany, the Czech Republic, Hungary and Romania for an enterprise value of €18.4 billion.

This is expected to comprise approximately €10.8 billion of cash consideration paid to Liberty Global and €7.6 billion of acquired existing Liberty debt, subject to completion adjustments.

The acquisition accelerates Vodafone’s converged communications strategy through in-market consolidation in Vodafone’s largest market, Germany, and in Vodafone’s Central and Eastern European markets, the Czech Republic, Hungary and Romania. Unitymedia is the second largest cable operator in Germany, UPC Czech and UPC Hungary are the largest cable operators in the Czech Republic and Hungary, and UPC Romania is the second largest cable operator in Romania.

The Transaction will be subject to review by and approval from the European Commission.

Vodafone anticipates that completion will take place around the middle of calendar 2019.

Slaughter and May is advising Vodafone Group Plc on the deal with a Corporate team led by Roland Turnill (partner, in picture) and Susannah Macknay (partner), alongside James Cook (associate), Katharina Hesse (associate), Katie Kershaw (associate), Chris Marlor (associate), Aleezeh Liaqat (associate), Catherine O’Callaghan (trainee), Matthew Atkinson (trainee).

On Competition law are acting Claire Jeffs (partner), Kerry O’Connell (partner), Ying Wu (associate), Emma Griffiths (associate), Lauren Dingsdale (associate), Florian Von Schreitter (associate). on IP/IT matters are advising Duncan Blaikie (partner), Oliver Howley (associate), Michaela Peck (associate), Matthew Harman (associate) and Rafaella Felthun (associate). On Tax law are acting Steve Edge (partner), Orlaith Kane (associate), Alex Fisher (associate) and Rose Swaffield (associate). On Financing aspects are advising Oliver Storey (partner), Charlie McGarel-Groves (associate), Steve Dempsey (associate). On Employment matters are acting Jonathan Fenn (partner) and David Rintoul (associate); and on Real Estate aspects are advising Jane Edwarde (partner) and Gemma Goddard (associate).

 

Involved fees earner: Roland Turnill – Slaughter and May; Susannah Macknay – Slaughter and May; James Cook – Slaughter and May; Katharina Hesse – Slaughter and May; Katie Kershaw – Slaughter and May; Chris Marlor – Slaughter and May; Aleezeh Liaqat – Slaughter and May; Catherine O’Callaghan – Slaughter and May; Matthew Atkinson – Slaughter and May; Claire Jeffs – Slaughter and May; Kerry O’Connell – Slaughter and May; Ying Wu – Slaughter and May; Emma Griffiths – Slaughter and May; Lauren Dingsdale – Slaughter and May; Florian von Schreitter – Slaughter and May; Duncan Blaikie – Slaughter and May; Oliver Howley – Slaughter and May; Michaela Peck – Slaughter and May; Matthew Harman – Slaughter and May; Rafaella Felthu – Slaughter and May; Steve Edge – Slaughter and May; Orlaith Kane – Slaughter and May; Alex Fisher – Slaughter and May; Rose Swaffield – Slaughter and May; Oliver Storey – Slaughter and May; Charlie McGarel-Groves – Slaughter and May; Steve Dempsey – Slaughter and May; Jonathan Fenn – Slaughter and May; David Rintoul – Slaughter and May; Jane Edwarde – Slaughter and May; Gemma Goddard – Slaughter and May;

Law Firms: Slaughter and May;

Clients: Vodafone;