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.”
