UK-based Liberty Global has completed the separation of Liberty Latin America (LLA), spinning off the division as an independent, publicly-traded company. LLA, previously known as LiLAC, comprises Liberty’s subsidiaries in Chile and Puerto Rico as well as the operations acquired via its May 2016 takeover of Cable & Wireless Communications (CWC), including submarine cable infrastructure in the Latin America and Caribbean region. LLA’s networks pass around 6.4 million homes and serve a combined total of 5.3 million RGUs, and the group represents a further 3.7 million mobile subscribers and is expected to generate annual turnover of roughly USD3.7 billion. Liberty Global notes that LLA shares are now trading on the NASDAQ Global Select Market, and holders of Liberty Global LiLAC shares are entitled to exchange them for the same number and class of LLA shares.
Commenting on the development, Liberty CEO and Executive Chairman of LLA Mike Fries said: ‘The split-off of our Latin American and Caribbean operations from Liberty Global will ensure that this new company will have access to the capital and resources necessary to achieve superior financial and strategic growth … As LLA charts its own course going forward, it will continue to benefit from its Liberty Global heritage and will have access to key shared services and expertise across products, technology, procurement and more.’