Liberty Global takes total control of VTR
Editor | 15-03-2014
As it continues its sweeping up of cable TV assets across the world, Liberty Global has acquired the remaining 20% share that it did not own Chile’s largest cable operator VTR.
The John Malone-owned media giant purchased the shares from a subsidiary of Corp Group Holding Inversiones Limitada in exchange for 10.1 million Liberty Global Class C ordinary shares in a deal whose share consideration had a market value of approximately $422 million.
VTR now joins a stable including Virgin Media, UPC, Unitymedia, Kabel BW and Telenet. The company has been highly regarded by Liberty Global and only weeks ago announced that it would reinforce its multiscreen presence and launch a TV everywhere service.
At the same time, Liberty Global CEO Mike Fries noted that VTR was one of the fastest growing companies in which it had a stake. Commenting on taking full control of VTR, Fries added: “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 on-going support and the strong relationship and success we have built together.