Liberty Global shareholders back Cable & Wireless takeover

Liberty Global’s shareholders have approved its acquisition of all outstanding and to-be issued shares of Cable & Wireless Communications (CWC).

More than 99% of the voters at Liberty’s general meeting of shareholders approved the proposals, representing more than 86% of all outstanding votes.

If CWC’s shareholders approve the acquisition at their general meeting next week then the deal is expected to be completed on May 16, 2016.

Liberty has agreed to buy CWC for £3.5 billion (€5.0 billion) in November, hailing it as a “watershed” move to expand its presence in the Caribbean and Latin America.

Liberty agreed to buy all outstanding shares in CWC and combine it with its LiLAC operations – Liberty’s LatAm and Carribean assets that already comprise Chilian operator VTR and Puerto Rican operator Cablevision.

Liberty Global CEO Mike Fries said at the time that the combined business will serve 10 million video, data, voice and mobile subscribers and have “leading positions across multiple markets”.

Last month Liberty said it would put its plan to issue new shares as part of its acquisition of CWC to shareholders at the company’s general meeting of shareholders on April 20.