Liberty Latin America said Wednesday that its 49%-owned subsidiary Cable & Wireless Panamá S.A. has agreed to purchase Claro Panamá, a division of América Móvil S.A.B. de C.V. in an all-cash deal that values the business at about $200 million.

Claro Panamá has about 760,000 mobile subscribers and generated about $157 million in revenue in fiscal 2020. In a press release, Liberty Latin America CEO Balan Nair said the deal highlights the company’s commitment to its Panamanian network.

“The integrated business will operate over a network with extensive coverage and invest to deliver innovative mobile products and services for Panamanian consumers and B2B customers, including via leading technologies such as 5G,” Nair said in the release. “We at Liberty Latin America have established our group Operations Center in Panama and see the country as an important digital hub for the region, which we expect to drive growing demand for our full suite of mobile and fixed connectivity solutions. The valuation for the acquisition is consistent with our disciplined approach towards M&A and will be free cash flow accretive on a per share basis.”

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The purchase, including fees and expenses, will be financed using cash and incremental borrowings at Cable & Wireless Panamá. The deal is expected to close in the first half of 2022.

Lion Tree served as an adviser to Cable & Wireless Panamá on the transaction.

Cable & Wireless Communications, a company that provides a mix of serves in 19 countries in the Caribbean and Latin America, this week confirmed John Reid as CEO.

The confirmation follows the recent acquisition of C&W by Liberty Global for $7.4 billion. The C&W businesses is now part of Liberty Latin America and Caribbean Group (LiLAC).

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Prior to his role as Interim CEO of C&W, Reid served as C&W’s President, Consumer Division

“This is a time of meaningful change and development for C&W, and I am excited for the expertise and continuity that John brings to this growing region,” Mike Fries, CEO of Liberty Global, said in a statement. 

“I am honored to lead C&W Communications into the next phase of our development. I look forward to achieving our growth objectives, creating greater value for our stakeholders, and transforming our employee and customer experience,” Reid added.

Reid holds a B.A. and an M.B.A. from Memorial University of Newfoundland, serves as the Chairman of Bahamas Telecommunications Company (BTC), a 49% subsidiary of C&W, and is a member of the Advisory Board of Caribbean Tales.

Liberty Global closed its $7.4 billion acquisition of Cable & Wireless Communications, giving the international cable company a stronger presence in the Latin American market.

Liberty Global first announced the Cable & Wireless transaction in November. Last month, its shareholders overwhelmingly approved the deal.

The C&W businesses will be housed within Liberty Latin America and Caribbean Group (LiLAC), creating a combined company with 10 million customers in 20 countries with annualized revenue of $3.5 billion.

“This is a big moment for us and I couldn’t be more excited about the potential of LiLAC and CWC together,” Liberty Global CEO Mike Fries said in a statement. “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.”

Liberty Global said it has set the date for a special meeting of shareholders to vote on its pending purchase of Caribbean telecom and cable company, Cable & Wireless.

Liberty Global will convene the meeting on April 20 at the Four Seasons Hotel Denver, at 10:00 a.m. Mountain Time. Only shareholders of record of Liberty Global Class A and Class B Ordinary Shares and LiLAC Class A and Class B Ordinary Shares as of 5:00 p.m. Eastern time on March 10 may vote at the meeting. The event will be webcast and details will be forthcoming.

Liberty agreed to purchase Cable & Wireless in November in a deal that values the company at about $5.3 billion.

Cable & Wireless Communications, the London-based telephone, broadband and wireless  provider, confirmed that it is in talks with John Malone’s Liberty Global concerning a cash and stock acquisition of the company.

In a statement, Cable & Wireless said it noted the recent press speculation and “confirms that CWC is in discussions with Liberty Global plc regarding a possible shares and cash offer for CWC.”

In the statement CWC noted that according to U.K. Takeover Code, Liberty Global would have to announce its intention to make a firm offer for the company or not by Nov. 19. The company noted that deadline could be extended with the consent of the Takeover Panel.

The confirmation comes of the heels of a Wall Street Journal report that the two were in discussions. According to the Journal, a deal could be worth as much as $5 billion.

Although it is based in London, Cable & Wireless provides pay TV, telephone, data and wireless services in the Caribbean and Latin America and has about 6 million subscribers. The deal would give Liberty Global, which has been pursuing MVNO resale agreements in Europe to offer a quad-play of video, voice, data and wireless, a foothold for a similar service in Latin America and the Caribbean.

Liberty Global already has a presence in Latin America – it spun off those assets in a separate tracking stock in July called Liberty Latin America and Caribbean (LiLAC).  Malone also owns a 14% stake in Cable & Wireless, won after the company purchased Columbus International, in which Malone owned a stake,for $1.9 billion earlier this year.