Vodafone’s Liberty Global acquisitions are a big deal for European telecoms

If Vodafone is able to complete the €18.4 billion acquisition of Liberty Global’s cable networks in Germany, the Czech Republic, Hungary and Romania, it will be the most significant development in the European telecoms landscape for some time.

It’s no secret that Vodafone has struggled and been left frustrated by intense competition, economic pressures and stricter regulation in the European market over the past few years.

This contrasted with strong performances in the US, where it held 45 per cent of Verizon Wireless, and in emerging markets, which made it easy to speculate whether Vodafone was falling out of love with its homeland.

But a £19 billion ‘Project Spring’ investment programme for its mobile infrastructure, the acquisition and construction of fixed networks across Europe and the sale of its US interests, mean Vodafone is a different company in 2018. And now its entering the next stage.