Liberty Global has completed the previously announced sale of UPC Austria to T-Mobile Austria for an enterprise value of €1.9 billion, equal to nearly 11x UPC Austria’s estimated 2017 adjusted segment operating cash flow.

In a statement, Liberty Global said: “The proceeds, after taking into account the repayment of debt that we attribute to UPC Austria, will be approximately €900 million. These proceeds will be used to increase our share repurchase program by $500 million and to repay additional debt across select credit pools of Liberty Global.”

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