Cable operator, Liberty Global, will acquire Germany’s Kabel Baden-Württemberg from EQT Partners, Financial Times reports. The company is expected to pay about €3.2 billion for KabelBW.

Liberty won the auction, after private equity group CVC Capital Partners decided not to raise its €2.95 billion bid, adds Reuters. KabelBW has appointed Credit Suisse, JP Morgan and Deutsche Bank to arrange €2.25 billion of high yield bonds to finance the acquisition by Liberty.

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