16 November, 2015
Faster Growth and enhanced customer benefits expected from proposed Liberty Global acquisition of CWC
The Board of Cable & Wireless Communications Plc (“CWC”) today announces that it has reached agreement on the terms of a recommended acquisition for the entire issued and to be issued share capital of CWC by Liberty Global (“the Transaction”).
Highlights
- The Recommended Offer delivers 86.82[1] pence per share to free float shareholders comprising shares in Liberty Global and a 3 pence per share Special Dividend[2]
- Represents a premium of approximately 50 per cent. to the undisturbed price of CWC on 21 October 2015
- The non-free float shareholders[3] have irrevocably undertaken to accept the alternative offers resulting in an overall blended offer price for CWC of 81.911 pence per share
- Highly attractive LTM EV/EBITDA multiple of 12.3 times[4]
- Including the Special Dividend2, transaction values CWC at approximately $8.2 billion1, including debt[5]
- Transaction expected to complete by calendar Q2 2016
[1] Based on the 10 day volume weighted average prices of the relevant Liberty Global shares on 13 November 2015 and a £ / $ exchange rate of 1.5206
[2] The Special Dividend will be payable to CWC shareholders on the register at 6pm (London time) on the business day immediately prior to the date on which the Scheme becomes effective
[3] John Risley, John Malone and Brendan Paddick
[4] Based on proportionate LTM EBITDA of $668 million
[5] Proportionate net debt of $2.7 billion as at 30 September 2015
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