Liberty Global has spun off its Latino investments and is creating a new subsidiary with them, Liberty Latin America & Caribbean Group (LiLAC). The new subsidiary includes both wholly-owned assets, such as VTR (a Chilean MSO that is 100 per cent owned) and Cablevision de Puerto Rico (60 per cent owned).
“This will highlight the value of our well-positioned operations in Latin America and the Caribbean,” said Liberty Global CEO Mike Fries. “This structure will enable us to retain the advantages of doing business as a single company, including the benefits of being able to leverage the expertise of our broader management team. At the same time, we will be creating ‘pure-play’ European and Latin American equities that we believe will be attractive to investors”.
Liberty expects the legal process to separate and obtain the necessary regulatory permissions to take about 5 months to wrap. Liberty needs approvals from the USA’s SEC and shareholders.