Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2023

Acquisitions and Dispositions [Abstract]

2022 Disposition

UPC Poland. On April 1, 2022, we completed the sale of 100% of our operations in Poland (UPC Poland) to a subsidiary of iliad S.A. (iliad).

In connection with the sale of UPC Poland, we have agreed to provide certain transitional services to iliad for a period of up to five years, depending on the service. These services principally comprise network and information technology-related functions. During the three months ended March 31, 2023, we recorded revenue of $9.3 million associated with these transitional services.

UPC Poland is presented as a discontinued operation in our condensed consolidated financial statements for all applicable periods. Effective with the signing of the sale and purchase agreement on September 22, 2021, we ceased to depreciate or amortize the associated long-lived assets. Our operations in Poland were held through UPC Holding prior to the disposal date. No debt, interest or derivative instruments of the UPC Holding borrowing group have been allocated to discontinued operations.

The operating results of UPC Poland for the three months ended March 31, 2022 are summarized in the following table (in millions). These amounts exclude intercompany revenue and expenses that are eliminated within our condensed consolidated statement of operations.






Revenue	$	109.5
Operating income	$	45.0
Earnings before income taxes	$	43.9
Income tax expense	(9.3)
Net earnings attributable to Liberty Global shareholders	$	34.6

Pending Transaction

Telenet NetCo Transaction. On July 19, 2022, Telenet and Fluvius System Operator CV (Fluvius) entered into an agreement to create an independent, self-funding infrastructure company (NetCo) within their combined geographic footprint in Belgium. The companies will each contribute certain cable infrastructure assets with Telenet and Fluvius initially owning 66.8% and 33.2% of NetCo, respectively. Telenet and Liberty Global will consolidate NetCo upon closing of the transaction, which we currently expect to occur in mid-2023. The closing of the transaction is subject to the satisfaction of certain conditions, including regulatory conditions and approval from Fluvius shareholders.