DENVER -- Liberty Global today announced it completed the previously announced sale of UPC Austria to T-Mobile Austria for an enterprise value of €1.9 billion ($2.2 billion), equal to nearly 11x UPC Austria's estimated 2017 adjusted segment operating cash flow.
The proceeds, after taking into account the repayment of debt that Liberty Global attributes to UPC Austria, will be approximately €900 million ($1.1 billion). These proceeds will be used to increase its share repurchase program by $500 million and to repay additional debt across select credit pools of Liberty Global.
Liberty Global's Board of Directors authorized this increase to the buyback program in connection with the closing of the sale. The increase supplements its previously announced $2 billion share repurchase program, which it intends to complete by year-end 2018. The incremental $500 million announced today can be spent at any time over the next 12 months. Under the buyback program, Liberty Global may acquire from time to time its Class A ordinary shares, Class C ordinary shares or any combination of Class A and Class C ordinary shares. The program may be effected through open market transactions and/or privately negotiated transactions, which may include derivative transactions. The timing of the repurchase of shares will depend on a variety of factors, including market conditions and applicable law.
Buybacks under the program may be implemented in conjunction with brokers for the company and other financial institutions with whom the Company has relationships within certain pre-set parameters and purchases may continue during closed periods in accordance with applicable restrictions. The buyback program may be suspended or discontinued at any time.
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