Vodafone clinches 18.4bn euro deal for Liberty Global assets

Vodafone has confirmed an 18.4 billion euro (£16.1 billion) deal that will see it snap up a raft of Liberty Global assets across Europe.

The telecoms company announced on Wednesday that it had agreed to acquire operations in Germany, the Czech Republic, Hungary and Romania in a move that accelerates its "converged communications strategy".

The British business said the assets will help it become "the leading next generation network owner in Europe" with a total reach of 110 million homes and businesses, including wholesale arrangements.

The transaction still faces regulatory approval, although shareholders will not have a say over the acquisitions.

Vodafone expects the deal to close around mid-2019.

"This transaction will create the first truly converged pan-European champion of competition", Vodafone Group chief executive Vittorio Colao said.

"We are committed to accelerating and deepening investment in next generation mobile and fixed networks, building on Vodafone's track record of ensuring that customers benefit from the choice of a strong and sustainable challenger to dominant incumbent operators.

"Vodafone will become Europe's leading next generation network owner, serving the largest number of mobile customers and households across the EU."