Report
Allan C. Nichols

Vodafone Agrees to Acquire Liberty Global’s Operations in Germany and Four Other Countries

On May 9, Vodafone announced it would acquire Liberty Global’s operations in Germany, Romania, the Czech Republic, and Hungary for EUR 18.4 billion ($21.8 billion). We note that both companies are presenting the deal in a way that makes their decision look better. Liberty Global claims the deal is worth EUR 19 billion and values the deal at 11.5 times enterprise value to Liberty Global’s definition of trailing 12-month operating cash flow or OCF, which tends to slightly exceed our definition of ...
Underlying
Vodafone Group PLC (ADR)

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Allan C. Nichols

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