9/22, 8:20 AM (Source: TeleTrader)
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Liberty Global to sell Polish business to Iliad for $1.8B

Libert Global plc announced on Wednesday it reached an agreement to sell 100% of its Polish business UPC Poland to Iliad S.A.'s Polish subsidiary Play for 7 billion Polish zloty ($1.8 billion).

Liberty Global added it plans to use the proceeds from the transaction, net of debt repayment, for "general corporate purposes, which may include reinvestment into our business and support for the company’s significant, multi-year share buyback commitment."

The company also stressed it will provide Play with "certain transitional services" for up to four years with annual charges depending on the level of services Play will require.

Breaking the News / NP