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Liberty Global unit terminates deal to buy Multimedia Polska

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Liberty Global unit terminates deal to buy Multimedia Polska

Liberty Global PLC unit UPC Polska Sp. z o.o. terminated its deal to buy Multimedia Polska SA, Poland's third-largest cable operator.

The deal had faced scrutiny from Poland's Office of Competition and Consumer Protection, or UOKiK, which was expected to issue its decision on Liberty Global's proposed acquisition of Multimedia Polska in the first quarter of 2018. The watchdog had previously raised concerns about the deal's potential threats to industry competition in 15 Polish cities. However, UPC Polska withdrew its application for regulatory approval of the deal March 23, saying the companies had failed to agree on revised commercial terms "that take into account current regulatory and market conditions," the company said in a Form 8-K filed the same day.

The Liberty Global unit in October 2016 had agreed to buy Multimedia Polska in an all-cash transaction valuing the cable business at roughly $760 million. The deal excluded Multimedia's insurance, gas and energy operations.

UPC Poland is a cable communications and entertainment services provider for consumer and businesses across Poland. UPC Poland also offers a range of video, voice, broadband internet, and data services for the business market located in its service areas. Multimedia Polska offers services to both residential and business customers in Poland.