AdvancedTelevision
LatAm
Market Briefing 2015
Liberty Global launches LiLAC
tracking Stock
C
able MSO Liberty Global has
completed its previouslyannounced distribution of the
tracking stock for its operations in Latin
America and the Caribbean (the LiLAC
Group) to shareholders. The ordinary
shares began trading on July 2, 2015.
The LiLAC Class A (LILA) and Class C
(LILAK) ordinary shares will trade on
NASDAQ, and the LiLAC Class B (LILAB)
ordinary shares will trade on OTC Link.
The Liberty Global Class A, Class B and
Class C ordinary shares will continue
to trade on NASDAQ under the symbols
LBTYA, LBTYB and LBTYK, respectively.
Mike Fries, CEO of Liberty Global (right),
described the launch of the LiLAC tracking
stock as “an exciting event”, which the
company believed would enhance long-term
equity value for shareholders. “Our cable
operations in Chile and Puerto Rico are two
of the most advanced platforms in the region.
Both businesses have consistently delivered
strong financial results and should continue
to generate mid- to high-single-digit rebased
OCF growth going forward. LiLAC is also
uniquely positioned to exploit the highly
fragmented landscape characterised by low
broadband and pay-TV penetrations.”
The LiLAC Group tracking stock forms
a ‘pure-play’ cable stock focused on
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Latin America and the Caribbean, giving
shareholders the opportunity to invest directly
in the region. The LiLAC Group initially
has attributed to it Liberty Global’s Chilean
business, VTR, the largest cable operator
in Chile, as well as its 60% interest in the
largest cable company in Puerto Rico, Liberty
Cablevision. The entities comprising the LiLAC
Group also have $100 million of cash provided
by Liberty Global in order to provide liquidity
to fund, amongst other things, ongoing
operating costs and acquisitions. Following
the completion of the Choice acquisition on
June 3, 2015, LiLAC now passes over 4m
homes, serving approximately 3.4m revenue
generating units (RGUs) and generating over
$1.2 billion of annual revenue.