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Liberty Global to shed Swedish ops

Wed, 04/05/2006 - 7:03am
Brian Santo, CED

Looking for cash to pay off debt, Liberty Global  agreed to sell its Swedish cable business, UPC Sverige (UPC Sweden), to a partnership of The Carlyle Group and Providence Equity Partners.

Liberty Global will sell UPC Sweden for approximately $427 million, including roughly  $34 million of capital lease obligations. The transaction is subject to regulatory approval, but is expected to close during the second half of 2006.

Liberty has sold or is in the process of also selling UPC Norway and UPC France. Total proceeds from the sale of the three UPC units will be approximately $2.5 billion, which the company said will help cover debt repayments of approximately $1 billion.

Liberty Global will continue to operate networks in 19 countries in Europe, and in Japan, Chile, and Australia.

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