Discussing the agreement as part of the company's “converged communications strategy”, Vodafone group chief executive Vittorio Colao said: “This transaction represents a step change in Europe’s transition to a gigabit society, and a transformative combination for Vodafone that will generate significant value for shareholders.
“We are committed to accelerating and deepening investment in next generation mobile and fixed networks. We are also committed to building on Vodafone’s track record of ensuring that customers benefit from the choice of a strong and sustainable challenger to dominant incumbent operators. Vodafone will serve the largest number of mobile customers and households across the EU.”
Mike Fries, chief executive officer of Liberty Global, said: “This is an important and exciting transaction for our customers and employees. In each of these markets, the combination of Liberty Global and Vodafone’s businesses will transform the competitive landscape and bring a new level of convergence to customers.
“Now more than ever, Europe needs strong competition from scaled national challengers willing and able to invest in next-generation wireless, video and broadband services.”The deal sees Vodafone becoming a major player in the field of next generation broadband, with Liberty Global cable/fibre services already reaching 54 million homes and businesses across the continent.
The transaction is subject to regulatory approval, with completion anticipated around the middle of 2019. It does not include Liberty Global's 50 per cent share in the VodafoneZiggo joint venture in the Netherlands.
