Leading provider of broadband and cable TV services in its service area in parts of Belgium, with 3.3 million homes passed. Well-invested, high-speed broadband network. Third-largest mobile operator in Belgium (about 20% revenue market share) after the acquisition of mobile operator BASE, enhancing its ability to offer fixed-and-mobile convergence products. Synergies from the BASE acquisition supporting an increase in our adjusted EBITDA margin to 49%-51% over the next 18 months, compared with 45% in 2016. Strong competition for TV, broadband, and mobile services from other telecom network operators and TV platforms. Competition reinforced by regulated access to Telenet's cable network, and the risk of a further tightening of regulation. Adjusted leverage of 4x-5x in our forecast, driven by majority owner
