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Liberty Global ready for acquisitions, says Fries

International cable operator Liberty Global has over US$3bn (€2.2bn) in funds for acquisitions in Europe, CEO Mike Fries has told a Dutch newspaper.

Inteviewed by financial paper Het Financieele Dagblad, Fries said the operator was looking primarily at opportunities in central and eastern Europe, but would also consider acquisitions in western European countries including the Netherlands and Germany.

Fries said Liberty Global was not interested in making acquisitions in France and Spain, and added that the company made the correct decision not to purchase the Dutch operators that eventually were combined as Ziggo (by private equity groups Warburg Pincus and Cinven), which he believed were overpriced. Liberty Global recently acquired German cable operator Unitymedia for around 6.5 times EBITDA, which Fries said was in line with current valuations.