Liberty Latin America sells Cable & Wireless SeychellesTuesday, November 5th, 2019
Liberty Latin America Announces Sale Of Cable & Wireless Seychelles
- Divests from only remaining asset outside the Caribbean and Latin America region
DENVER, COLORADO — 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.