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Liberty Global acquires residual 20% of Chilean cable operator VTR
MUMBAI: International cable company Liberty Global has acquired the remaining 20 per cent of the outstanding shares in Chilean cable operator VTR.
Liberty Global purchased these shares in VTR from a subsidiary of Corp Group in exchange for 10.1 million Liberty Global Class C ordinary shares.
The share consideration had a market value of approximately $422 million. It should also be noted that as a result of this transaction, VTR Finance B.V., the parent entity of Liberty’s recently created Chilean credit pool, will now own 100 per cent of both the Chilean broadband communications and wireless businesses.
Liberty Global CEO Mike Fries said, “Based on the solid foundation we have developed with Corp Group over the last few years, VTR will now enter its next phase of growth in the dynamic Chilean market. We would like to thank Alvaro Saieh Bendeck, his son Jorge Andres Saieh and the Saieh family for their ongoing support and the strong relationship and success we have built together.”