CWC accepts US$8.2bn Liberty bid
Caribbean and Central American telco Cable & Wireless Communications (CWC) has accepted a US$8.2bn offer from global pay TV group Liberty Global for 100% of its share capital, CWC confirmed on Monday.
The offer represents a premium of approximately 50% over the price of freely trading CWC shares on October 21, when Liberty first announced plans to negotiate the acquisition.
The operation, expected to conclude in 2Q16, will combine CWC's 6.3mn customers in Latin America and the Caribbean with Liberty's 1.5mn clients in Puerto Rico (Liberty Cablevisión) and Chile (VTR).
As of March 2015 CWC also counts among its assets some 728,000 clients acquired through its merger with Caribbean cable TV provider Columbus International. As a result of that operation Liberty Global's chairman and largest shareholder, John Malone, obtained a holding of about 22% in CWC.
Globally, Liberty has a total client base of 27mn subscribers, mostly in Europe. For the last complete financial year CWC and Liberty reported revenues of US$2.4bn and US$18bn respectively.
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