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Liberty Global to put CWC share plan to the vote

Liberty Global will put its plan to issue new shares as part of its acquisition of Cable & Wireless Communications (CWC) to shareholders at the company’s general meeting of shareholders on April 20.

Liberty Global agreed to buy CWC, which operates networks in the Caribbean, for £3.5 billion (€4.5 billion) in November last year.

The company plans to combine CWC with its existing operations in the Caribbean and Latin America – now called LiLAC and listed as a ‘tracking stock’ – which also includes Chilean operator VTR and Puerto Rico’s Cablevision.

Under the terms of the deal, LiLAC will be 253.4% owned by existing LiLAC Group shareholders and 7.2% by CWC shareholders, with the remainder held as an ‘inter-group interest’ by Liberty Global.