News
U.S. cable group gains shareholder support for takeover, says deal should close on 16 May.
Liberty Global this week said it aims to close its acquisition of Cable & Wireless Communications in less than a month, having received the go-ahead for the deal from its own shareholders.
The U.S.-based cable group’s shareholders voted overwhelmingly in favour of the takeover at a meeting on Wednesday.
Cable & Wireless shareholders will meet to vote on the deal on Thursday. Should they give the green light, Liberty Global said it expects the transaction to close on 16 May.
Liberty Global agreed to buy C&W in November in a cash and stock deal worth around US$8.2 billion.
At the time it said that the combined business would serve 10 million video, data, voice and mobile subscribers in Central and South America and the Caribbean.
The announcement came just months after Cable & Wireless paid $1.85 billion for Barbados-based Columbus International, a deal that left Liberty Global chairman John Malone – also a major shareholder in Columbus – with a 13% stake in C&W.
