Liberty Global CEO Mike Fries said his company’s $21.8 billion asset sale to Vodafone is actually just the start of mobile consolidation in Europe.
On Wednesday, British-based Vodafone struck a deal to buy some European assets of U.S. cable company Liberty Global, a move the CEO said will benefit both investors along with mobile users.
“in which’s all about scale,” Fries told CNBC’s “Power Lunch” on Wednesday. “in which transaction is actually about creating a national challenger with converged scale, meaning fixed along with mobile scale. in which’s a natural combination. I think you’re going to see in which continue, in Europe in particular, both mobile along with mobile.”
Vodafone, the globe’s second-largest mobile carrier, operates in Europe, Asia, Africa along with Oceania. within the deal, Vodafone is actually buying Liberty Global’s businesses in Germany, Hungary, Romania along with the Czech Republic.
although, critics argue in which the deal with hinder competition along with regulators may not approve. Deutsche Telekom is actually the largest competitor in Europe.
Fries, however, isn’t worried.
“We absolutely anticipate regulatory approval of in which deal,” said Fries, who also serves as vice chairman of Liberty Global. “in which will be approved at the EU level. Not necessarily in Germany or any of the individual markets. in which’s an important distinction.”
The CEO pointed out in which Deutsche Telekom — “who we know [within the U.S.] as T-Mobile” — already dominates the German market, with 50 percent of the country’s broadband customers.
along with the German market, he said, “has been screaming for consolidation along that has a real national challenger. So together, Vodafone along with our business, Liberty Global, will present a great opportunity for consumers. They’re going to see innovation, investment. All kinds of benefits over the long haul.”