The board of Caribbean and Latin American service provider Cable & Wireless Communications has agreed to the terms of an acquisition offer by Liberty Global (NASDAQ:LBTYA) for an overall price of approximately $8.2 billion. The transaction expected to be completed by calendar Q2 2016. Shareholder meetings will take place at the end of calendar Q1 or at the beginning of calendar Q2 2016 and completion is expected to take place shortly thereafter.
Sir Richard Lapthorne, chairman of CWC, commented in part, "While we remain confident that CWC's unique and highly attractive business has a substantial long-term growth opportunity ahead of it, we believe the recommended offer represents an attractive premium for shareholders and secures earlier delivery of our long-term value potential."
Liberty bought Puerto Rican cable operator Choice Cable TVlast December and is backing Charter Communications' (NASDAQ:CHTR) pending purchase of Time Warner Cable (NYSE:TWC) and Bright House Networks. CWC itself bought Columbus Communicationslast November.