Telecoms/TV giant Liberty Global confirmed yesterday that its ‘LiLAC Group’ Latin American/Caribbean division will be spun off into a separate subsidiary company later this month and renamed Liberty Latin America Ltd. The group will distribute Liberty Latin America common shares on the New York NASDAQ stock exchange on 29 December 2017 whereby holders of LiLAC Group Class A, Class B and Class C ordinary shares (‘LiLAC tracking stock’) will receive a one-for-one distribution of Liberty Latin America shares of the corresponding class(es) in exchange. Liberty Latin America common shares are scheduled to begin trading on 2 January 2018.
The Liberty Latin America Class A and Class C common shares will be listed on the NASDAQ Global Select Market under the symbols LILA and LILAK respectively, and the Liberty Latin America Class B common shares will be quoted on the OTC Markets under the symbol LILAB. LiLAC tracking stock will cease trading.
The LiLAC Group (soon to be Liberty Latin America) operates in over 20 countries in Latin America and the Caribbean under the consumer brands Flow, VTR, Liberty, Mas Movil and BTC, including the acquired operations of Cable & Wireless Communications (CWC). In addition, the LiLAC Group operates a submarine fibre network throughout the region connecting over 40 markets, having integrated the long-haul assets of CWC/Columbus International. In Europe, the NASDAQ-listed Liberty Global Group operates in twelve countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC, whilst the Liberty Global Group also owns 50% of Netherlands joint venture VodafoneZiggo.