At The Davos World Economic Forum, Mike Fries, Chief Executive of Liberty Global, confirmed reports it is looking to spin off its Latin American operations.

“Ninety-five percent of our business is in Europe,” he said on CNBC in an interview from Davos, and “that’s where we want to stay focused.”

“In Latin America there’s 25 per cent broadband penetration. So there’s tremendous opportunity to consolidate that market, but it seems better for us to possibly do that off balance sheet and not dilute the story that we’ve built here,” he said

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