What a Liberty! How one of the world’s biggest telecom companies is set to pocket a €7.2 BILLION tax free windfall
With der Spiegel Online, we revealed the huge tax-free profits telecom giant, Liberty Global is set to make when it completes the imminent sale of its German and Eastern European cable business to Vodafone.
Liberty, run by billionaire John Malone (above), is set to walk away with a cool €7.2bn profit from just the German part of the business.
What’s more, the company doesn’t plan to pay a single cent in capital gains tax on that profit.
And on top of that, over the eight years that Liberty has owned Unitymedia – its German cable business, it told investors that €3.8bn in cash has been “upstreamed”.
Over the same period, Unitymedia only paid €50m in German corporation tax.
You can read the full article (in German) on the Spiegel Online website