Research Brief

Liberty Global increases leverage for Unitymedia

, published: November 2009
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Liberty Global's acquisition of Unitymedia adds a number two in Liberty's portfolio, which is now entering the German market. The German operator adds 4.55 million customers for a total of 21.1 million. Looking at the leverage target that Liberty sets for itself, it could still add around EUR 5 billion in debt, not counting the EBITDA contribution and synergy benefits of any takeover. In this brief we look at possible takeover targets and focus on Ziggo, which we value at EUR 5.2 billion, based in the Unitymedia multiple. Should Liberty Global go to its financing limit, then impeccable execution of its strategy, based on HFC networks and Docsis 3.0, is a condition for limiting default risk.


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