Liberty Global signs deal to expand cable business in Poland

October 18, 2016 4:42 PM EDT

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(Reuters) - Telecommunications company Liberty Global Plc said its unit, UPC Poland, has agreed to buy the cable business of Multimedia Polska SA [MULPO.UL] for an enterprise value of 3 billion zlotys ($763.5 million).

UPC Poland is the largest cable operator in Poland, while Multimedia Polska is the third-largest cable operator in the country.

Liberty, whose fiber network passed through 3.1 million homes in more than 150 cities, plans to upgrade Multimedia's network upon closing of the deal.

The company will finance the purchase with debt and cash on hand.

Credit Suisse International advised Liberty Global on the transaction while UBS acted as exclusive adviser to the selling shareholders of Multimedia Polska.

Multimedia's insurance and energy operations will be retained by its shareholders.

(Reporting by Sangameswaran S in Bengaluru and Pamela Barbaglia in London; Editing by Don Sebastian)

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