Liberty Global has announced that it has entered into a definitive agreement to sell its operations in Germany, Hungary, Romania and the Czech Republic to Vodafone Group for a total enterprise value of approximately €19.0 billion ($22.7 billion) on a U.S. GAAP basis, as compared to €18.4 billion ($22 billion) on an EU-IFRS basis.

These four businesses represented approximately 28% of Liberty Global’s consolidated 2017 operating cash flow, which does not include its 50% share of OCF from the VodafoneZiggo joint venture in the Netherlands. The sale price represents a total enterprise value for all four businesses combined of 11.5 times 2017 adjusted Segment OCF, or approximately 24.0 times 2017 operating free cash flow 5, with an implied adjusted Segment OCF multiple for Liberty Global’s German operation of 12.0 times.

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