Liberty Global today announced that it has completed the previously announced sale of UPC Poland to iliad S.A.’s Polish mobile subsidiary Play for an enterprise value of PLN 7.0 billion ($1.7 billion).
Net proceeds from the transaction, after taking into account the repayment of debt, will be approximately $600 million. Proceeds from the sale are expected to be used for general corporate purposes, which may include reinvestment into Liberty Global’s business and support for the company’s significant, multi-year share buyback commitment.
In conjunction with the transaction, Liberty Global has agreed to provide Play with certain transitional services for a period of up to four years. These services principally will be comprised of network and information technology related functions.