Vodafone seal deal for Dutch merger with Liberty Global
Mobile phone giant Vodafone has sealed a deal with cable firm Liberty Global to merge their Dutch businesses.
The company said the joint venture would forge a stronger Dutch internet and mobile operator by bringing together Vodafone's mobile operation with Liberty Global's Ziggo broadband network.
The deal is expected to be sealed by the end of this year, subject to regulatory approval.
The Dutch tie-up will see Vodafone making a cash payment of €1bn (£772m) to Liberty Global to "equalise ownership in the joint venture".
The companies predict the total cost and revenue synergies will hit €3.5bn (£2.7bn), with costs of about €350m (£270m) to combine the Dutch businesses.
Vodafone group chief executive Vittorio Colao said the deal would create "a strong and competitive integrated communications player" which would invest in digital infrastructure and entertainment services.