Liberty Latin America Ltd. (NASDAQ: LILA and LILAK, OTC Link: LILAB) said it has finalized its previously announced split-off from Liberty Global and its launch as an independent, publicly traded company.
Liberty Latin America Class A and Class C common shares are now trading on the NASDAQ global select market under NASDAQ: LILA and NASDAQ: LILAK, and the Class B common shares are quoted on the OTC Markets under LILAB following the split-off's completion. Liberty Global effected the split-off of Liberty Latin America on December 29, 2017.
According to Liberty Latin America, the split-off forms a pure-play independent telecommunications company operating in Chile, Puerto Rico, the Caribbean, and other parts of Latin America, with 6.4 million homes passed, serving 5.3 million revenue generating units (RGUs) as of September 2017. The company has 3.7 million mobile subscribers and an annual $3.7 billionrevenue presented as annualized results for the nine months ended in September 2017, says Liberty Latin America.
Liberty Latin America operates in more than 20 countries across Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil, and BTC. Its businesses include Cable & Wireless Communications, a telecommunications company (see "Liberty Global agrees to buy Cable & Wireless"). Operating in the Caribbean, Latin America, and the Seychelles, C&W owns and operates an undersea terrestrial network linking more than 40 markets in the region. Telecommunications company and major cable operator in Chile, VTR.com SpA (VTR), and major Puerto Rican cable operator Liberty Cablevision of Puerto Rico LLC (60% owned) are also Liberty Latin America businesses, the company says.
"Today marks an important milestone for Liberty Latin America as we begin the path forward as an independent company focused squarely on the region," said Balan Nair, Liberty Latin America president and chief executive officer. "I see tremendous opportunity to bring world-class technology, innovation, and scale to our operations, expand our network coverage, and deploy exciting new service offerings to our residential and business customers. In a region that is currently served by a highly fragmented range of operators and with customer penetration rates roughly half of more mature markets, we see significant prospects for long-term growth both organically as well as through strategic M&A."
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