Liberty Global To Buy Multimedia Polska

(RTTNews) - Liberty Global plc (LBTYA, LBTYB, LBTYK, LILA and LILAK) said that its subsidiary UPC Poland has entered into a definitive agreement to acquire the cable business of Multimedia Polska S.A., the third-largest cable operator in Poland, in an all cash transaction. Multimedia is being valued at an enterprise value of PLN 3.0 billion or about $760 million, with the final purchase price subject to potential downward adjustments for the operational and financial performance of Multimedia prior to closing.

The PLN 3.0 billion purchase price equates to a multiple of 6.2x Multimedia's 2015 full-year Adjusted EBITDA when adjusted for PLN 124 million or approximately $30 million of projected annual run-rate synergies3 derived from revenue and cost-related items.

The transaction excludes Multimedia's existing insurance, gas and energy operations, which will be retained by the shareholders of Multimedia. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close within the next twelve months.