Liberty Global announced that it has acquired the remaining 20 percent stake in Chile’s largest cable operator for $422 million in Liberty Global stock.
Liberty Global bought the outstanding shares in both VTR GlobalCom SpA and VTR Wireless SpA from a subsidiary of Corp Group Holding Inversiones Limitada in exchange for 10.1 million Liberty Global Class C ordinary shares.
Based on Liberty Global’s closing price of $41.80 on Thursday, the share consideration had a market value of approximately $422 million.
"Based on the solid foundation we have developed with Corp Group over the last few years, VTR will now enter its next phase of growth in the dynamic Chilean market,” said Liberty Global CEO Mike Fries. “We would like to thank Alvaro Saieh Bendeck, his son Jorge Andres Saieh and the Saieh family for their ongoing support and the strong relationship and success we have built together."
At the start of the year, John Malone-backed Liberty Global said it was looking at spinning off its Latin American holdings, which would include its stake in Liberty Cablevision in Puerto Rico and VTR.