Global cable and communications giant Liberty Global has spun off its Latin American and Caribbean business into a separate corporate entity, Liberty Latin America.
With more than US$3.7 billion in annual revenue, Liberty Latin America operates under a number of brands in the region, including VTR, Flow, Liberty, Más Móvil, and BTC.
The carrier has positioned the de-merger as an opportunity for investors to tap higher growth in Latin America, with its CEO Mike Fries saying that the new company will have access to the capital and resources necessary to achieve “superior financial and strategic growth“.
“Today marks an important milestone for Liberty Latin America as we begin the path forward as an independent company focused squarely on the region,” stated Balan Nair, President and Chief Executive Officer of Liberty Latin America.
“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,” he continued.
Liberty Global, whose subsidiaries in the region include Cable & Wireless Communications (CWC), has more than 3.7 million subscribers in the region. C&W owns and operates a sub-sea terrestrial network that connects over 40 markets in the region.
Liberty Cablevision is the largest cable operator in Puerto Rico, where hurricanes dealt a severe blow last year, shaving off as much as US$19 million from the company’s operations. Reports say that the company had restored service to 30% of customers in Puerto Rico as of mid December.