Liberty Global offers USD260 million for outstanding shares in VTR

6 Nov 2009

Cable TV and media group Liberty Global has offered USD260 million for the outstanding 20% it does not own of Chilean cableco VTR from local conglomerate Cristalerias de Chile. On 3 September 3 local private equity company Celfin Capital offered CLP167 billion (USD303 million) for the stake. The offer was accepted by Cristalerias de Chile. However, according to a filing to the Chilean bourse, a shareholders agreement between Cristalerias and Liberty Global dating back to 2005 obliges it to give Liberty first option on the shares before offering them to a third party. According to the filing, Liberty’s has until 13 November to match the offer.

In a separate story VTR has posted a 7% increase in revenues for the first nine months of 2009 to CLP291 billion (USD554 million) compared to CLP271 billion in the same period last year. Total customers reached 2.16 million at the end of September, an increase of 107,353 compared to the same period of 2008. Broadband customers grew by 57,173 subscribers to 645,917, while telephony lines rose 5.1% to 640,773. VTR added 20,858 TV subscribers, up 2.4%, closing September with 898,708. In addition, some 57% (509,000) of all homes with VTR television now have its digital TV service.

Chile, Liberty Global (incl. LGI), VTR