Liberty Latin America Completes Split-Off from Liberty Global
January 02 2018 - 9:00AM
Liberty Latin America Ltd. (NASDAQ:LILA) (NASDAQ:LILAK) (OTC
Link:LILAB) (“Liberty Latin America”), a leading telecommunications
company with operations in Chile, Puerto Rico, the Caribbean and
other parts of Latin America, today announced the completion of its
previously announced split-off from Liberty Global plc (“Liberty
Global”) and its launch as an independent, publicly-traded company.
Following the successful completion of the split-off, Liberty Latin
America Class A and Class C common shares are now trading on the
NASDAQ Global Select Market under the symbols “LILA” and “LILAK,”
respectively, and the Class B common shares are quoted on the OTC
Markets under the symbol “LILAB”.
Mike Fries, Executive Chairman of Liberty Latin America and CEO
of Liberty Global, commented, “The split-off of our Latin American
and Caribbean operations from Liberty Global will ensure that this
new company will have access to the capital and resources necessary
to achieve superior financial and strategic growth. I have
tremendous confidence in Balan Nair’s leadership as well as the
world-class board of directors and management team we have put in
place. As Liberty Latin America charts its own course going
forward, it will continue to benefit from its Liberty Global
heritage and will have access to key shared services and expertise
across products, technology, procurement and more. The launch of
Liberty Latin America is an exciting moment for all shareholders
and a clear confirmation of the opportunity for value creation in
the Latin American and Caribbean region.”
Balan Nair, President and Chief Executive Officer of Liberty
Latin America, stated, “Today marks an important milestone for
Liberty Latin America as we begin the path forward as an
independent company focused squarely on the region. I see
tremendous opportunity to bring world-class technology, innovation
and scale to our operations, expand our network coverage, and
deploy exciting new service offerings to our residential and
business customers. In a region that is currently served by a
highly fragmented range of operators and with customer penetration
rates roughly half of more mature markets, we see significant
prospects for long-term growth both organically as well as through
strategic M&A.”
The split-off of Liberty Latin America forms a “pure-play”
independent telecommunications company focused on Latin America and
the Caribbean with:
- 6.4 million homes passed, serving 5.3 million revenue
generating units (“RGUs”)1;
- 3.7 million mobile subscribers; and
- Annual revenue of $3.7 billion2.
Liberty Latin America’s businesses include:
- Cable & Wireless Communications Limited (“C&W”), a
telecommunications company with operations in the Caribbean, Latin
America and the Seychelles. C&W owns and operates a unique
sub-sea terrestrial network that connects over 40 markets in the
region;
- VTR.com SpA (“VTR”), a leading telecommunications company and
the largest cable operator in Chile;
- Liberty Cablevision of Puerto Rico LLC, the largest cable
operator in Puerto Rico (60% owned).
Distribution of Liberty Latin America
Shares to
Shareholders
Liberty Global effected the split-off of Liberty Latin America
at 5:00 p.m., New York City time, on December 29, 2017 (the
“distribution time”). Holders of Liberty Global LiLAC ordinary
shares at the distribution time became entitled to receive one
share of the same class of Liberty Latin America common shares for
each LiLAC ordinary share held by them. Other than holders of
certificated Liberty Global LiLAC ordinary shares, who must submit
an exchange form and surrender their share certificates to receive
their Liberty Latin America common shares, holders of Liberty
Global LiLAC ordinary shares at the distribution time may expect to
receive their Liberty Latin America common shares in their bank or
brokerage accounts on or about January 4, 2018.
Advisors
LionTree Advisors acted as financial advisor to Liberty Global
in connection with the transaction.
About Liberty Latin
America
Liberty Latin America is a leading telecommunications company
operating in over 20 countries across Latin America and the
Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil
and BTC. The communications and entertainment services that we
offer to our residential and business customers in the region
increasingly include “triple-play” and “quad-play” combinations of
bundled services comprised of digital video, broadband internet,
telephony and mobile services. Our business products and services
include enterprise-grade connectivity, data center, hosting and
managed solutions, as well as information technology solutions with
customers ranging from small and medium enterprises to
international companies and governmental agencies. In addition,
Liberty Latin America operates a sub-sea and terrestrial fiber
optic cable network that connects over 40 markets in the
region.
For more information, please visit www.lla.com or contact:
Investor Relations: Kunal
Patel
+1.786.376.9294
______________________
1 As of September 30, 2017. For more details, please see Liberty
Global’s press release dated November 1, 2017.
2 Revenue presented as annualized results for the nine months
ended September 30, 2017.
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