Liberty Global Announces Acquisition of Cable Operator in Poland; Shares Undervalued
Liberty Global has announced that it has agreed to acquire the cable business of Multimedia Polska, the third-largest cable TV operator in Poland, for PLN 3 billion ($760 million). We think this is a good strategic move and strengthens Liberty Global's positioning in the country, where it is already the largest operator. We also believe the price is reasonable at about 8.3 times 2015's EBITDA, which decreases to 6.2 times when expected synergies of PLN 124 million are included. Thus, we are main...
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