- Divests from only remaining asset outside the Caribbean and Latin America region
DENVER, Colorado–(BUSINESS WIRE)–Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced it has sold its subsidiary Cable & Wireless Seychelles, to a consortium of local investors. In the transaction, Cable & Wireless Seychelles is valued at an enterprise value of $104 million on a cash- and debt-free basis. The net proceeds from the sale are expected to be used for general corporate purposes.
Balan Nair, President and CEO of Liberty Latin America, commented, “We are proud of what Cable & Wireless Seychelles has accomplished since it was established in 1893 and are very appreciative to the employees for their hard work and commitment over the company’s successful 126-year history. Under the leadership of Charles Hammond, Cable & Wireless Seychelles has emerged as a world-class communication services provider, bringing innovative solutions and cutting-edge technology to its customers.”
Mr. Nair added, “We are very pleased to find a consortium of local Seychellois investors with the ability to lead Cable & Wireless Seychelles into its next phase of growth.”
Cable & Wireless Seychelles provides a full range of communication and entertainment services including IPTV, broadband internet, telephony and mobile for residential and business customers across the 115- island country. As of June 30, 2019, Cable & Wireless Seychelles served a total of 23,500 fixed subscribers and 76,000 mobile subscribers.
Portman Global Partners is acting as financial advisor to Liberty Latin America on the transaction.
ABOUT CABLE & WIRELESS SEYCHELLES
Established in 1893, Cable & Wireless Seychelles (CWS) is the leading telecommunications company in the Seychelles. Their offering includes a full range of communications and entertainment services such as IPTV, broadband internet, telephony and mobile for residential and business customers. CWS also provides tailored solutions supported by an ongoing commitment to quality, value and the best customer experience.
ABOUT LIBERTY LATIN AMERICA
Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil, BTC, UTS and Cabletica. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a sub-sea and terrestrial fiber optic cable network that connects over 40 markets in the region.
Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC link under the symbol “LILAB” (Class B).
For more information, please visit www.lla.com.
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