Liberty Global has acquired the remaining 20% of the outstanding shares in both VTR GlobalCom SpA and VTR Wireless SpA in Chile.
Liberty Global purchased these shares in Chile’s largest cable operator from a subsidiary of Corp Group Holding Inversiones Limitada in exchange for 10.1 million Liberty Global Class C ordinary shares.
The share consideration had a market value of approximately $422 million, based on the closing price of LBTYK of $41.80 per share on Thursday, March 13, 2014.1 It should also be noted that as a result of this transaction, VTR Finance B.V., the parent entity of the recently created Chilean credit pool, will now own 100% of both the Chilean broadband communications and wireless businesses.
Mike Fries, CEO of Liberty Global, said: “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. 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.”
