Liberty Global has completed the acquisition of Caribbean operator Cable & Wireless Communications, combining it with its existing LiLAC group to create what the company describes as the leading TV, broadband and telecoms firm in Latin America and the Caribbean.
The integration of Cable & Wireless Communications means that LiLAC now serves 10 million video, voice, broadband and mobile customers in over 20 countries.
Liberty acquired the operator in a deal valued at around US$7.4 billion (€6.5 billion) on an enterprise value basis.
LiLAC is expected to deliver over US$3.5 billion in revenue on an annualised basis.
“This is a big moment for us and I couldn’t be more excited about the potential of LiLAC and CWC together. We are joining two high-growth businesses in a region that is both underpenetrated and underserved in broadband, mobile data and pay TV services. By combining our operations, we are creating a unique and well-diversified Latin America and Caribbean investment vehicle, which we believe will enhance long-term equity value for our shareholders,” said Liberty Global president and CEO Mike Fries.
“I would like to personally congratulate Phil Bentley, outgoing CEO of CWC, for his great work over the last two and a half years. I would also like to welcome John Reid as interim CEO of CWC. We look forward to working closely with John over the next six months as we evaluate how best to structure and integrate CWC into the LiLAC Group and jointly explore new opportunities for growth and expansion. John was previously President of CWC’s Consumer Group and also held other highprofile management roles at Columbus Communications and Persona Communications.”