UPC withdraws from taking over Multimedia

Cable TV operator UPC Polska, owned by the US giant Liberty Global, withdrew its application to buy rival Multimedia, antitrust watchdog UOKiK informed. Both sides failed to reach agreement on revised terms of the deal. The PLN 3 billion deal, announced back in October was subject to potential downward adjustments due to Multimedia’s lower-than-expected financial and operational performance. “We remain confident in the business prospects of our Polish operation and will consider other accretive consolidation opportunities as and when they arise,” Liberty Global said. UPC is the biggest cable operator in Poland, while Multimedia is the third-largest one.