Liberty Global plc bought a 5% stake in Vodafone Group, which translates to approximately 1.3 billion shares, the Financial Times reported on Monday.
The acquired stake amounted to £225 million in equity funding. "The stock’s cheap. It’s an opportunistic and financial investment," Liberty Global’s CEO Mike Fries told the Financial Times, as the company had some $3.5 billion in cash to “put to work.”
The company noted it will not be going for any board seats in Vodafone, nor will it be making an offer. Fries stated that the telecommunications company holds "interesting catalysts" that could create value.
