Liberty Global today announced that it has completed the sale of its operations in Germany, Hungary, Romania and the Czech Republic to Vodafone Group for approximately €19 billion ($21.3 billion).

The purchase price represents a multiple for all four businesses combined of 11.5x adjusted Segment OCF, or approximately 24x operating free cash flow, for 2017 (the full year prior to announcement).

The net cash proceeds of the Liberty Global Vodafone deal were approximately €10.1 billion ($11.3 billion).

Liberty Global has hedged the foreign currency risk associated with the net proceeds through the use of various derivative instruments, which had the effect of converting the majority of the euro denominated proceeds into US dollars at an average USD/EUR exchange rate of 1.12.

Read the full press release here