John Malone's Liberty Global Acquires Full Control of Chilean Cable Giant VTR
The pan-European cable company has bought the remaining 20 percent for $422 million as it mulls a spinoff of its Latin American holdings.
LONDON -- John Malone's Liberty Global said Friday it has acquired the remaining 20 percent stake in VTR GlobalCom, Chile's largest cable operator, for $422 million in stock.
Liberty Global, which has in recent years acquired many cable operators in Europe, purchased the shares in VTR that it didn't already own from another shareholder for 10.1 million Liberty Global Class C shares.
The deal's value of $422 million is based on the closing price of the stock on Thursday.
Said Liberty Global CEO Mike Fries: "Based on the solid foundation we have developed … over the last few years, VTR will now enter its next phase of growth in the dynamic Chilean market."
Liberty Global has said it was looking at a possible spinoff of its Latin American holdings. Such a separate company could then consolidate cable operators across Latin America, according to analysts.