Sunday 22 October 2017

John Malone's Liberty Global agreed to buy Cable & Wireless Communications in a cash-and-stock transaction valued at £3.5bn (€4.98bn), extending the US billionaire's European cable empire deeper into Latin America.

Liberty Global’s John Malone. Photo: Bloomberg
Liberty Global’s John Malone. Photo: Bloomberg

Kristen Schweizer

John Malone's Liberty Global agreed to buy Cable & Wireless Communications in a cash-and-stock transaction valued at £3.5bn (€4.98bn), extending the US billionaire's European cable empire deeper into Latin America.

The deal represents a multiple of 10.7 times Cable & Wireless Communications' adjusted annual earnings before interest, depreciation, taxes and amortization, after taking into consideration cost synergies, according to a statement.

The purchase would give Mr Malone, who has bought numerous properties in Ireland since the crash, a critical mass in Latin America, where he created a tracking stock in July called LiLAC for Liberty Global's assets in Chile and Puerto Rico. Mr Malone, who spent more than $50bn in the past decade amassing cable companies across Europe, looks to do the same in faster-growing economies in Latin America, and may even spin off that unit in the future when the companies announced they were in talks. (Bloomberg)

Irish Independent

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