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Shearman & Sterling Advises Liberty Global on Its Split-Off of Liberty Latin America

3 Jan 2018
Shearman & Sterling advised Liberty Global plc on the completed split-off of Liberty Latin America Ltd. Liberty Latin America comprises Liberty Global’s operations in Latin America and the Caribbean that were attributed to its “LiLAC Group” tracking shares and has an enterprise value of approximately $9.3 billion.

In the split-off, Liberty Global distributed the common shares of Liberty Latin America to holders of the LiLAC Group ordinary shares. As a result of the split-off, holders of LiLAC Group Class A, Class B and Class C ordinary shares received a distribution of one Liberty Latin America share of the same class for each such LiLAC Group ordinary share held as of the record date of December 26, 2017. Liberty Global’s LiLAC Group ordinary shares ceased trading, and the Liberty Latin America common shares began trading on January 2, 2018.

Liberty Global is the world’s largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. It has developed market-leading products delivered through next-generation networks that connect its over 24 million customers who subscribe to over 50 million television, broadband internet and telephony services. It also serves over 10 million mobile subscribers and offers WiFi service across 10 million access points.

Liberty Latin America is a leading telecommunications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. The communications and entertainment services that it offers to residential and business customers increasingly include “triple-play” and “quad-play” combinations of bundled services comprised of digital video, broadband internet, telephony and mobile services. Its 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.

The Shearman & Sterling team included partners George Casey, Robert Katz (both New York-Mergers & Acquisitions), Jeremy Kutner (London-Mergers & Acquisitions), Simon Letherman (London-Tax), Laurence Bambino (New York-Tax), Ethan Harris (Washington, DC-Tax) and Harald Halbhuber (New York-Capital Markets); and associates Nick Ramphal, Grace Jamgochian (both New York-Mergers & Acquisitions), Minsoo Kwon (New York-Capital Markets), Adam Sternberg (New York-Tax), Richard Porter, Josephine Good, Isla Smith (all London-Mergers & Acquisitions), Lois Howarth (London-Tax) and Sharzad Shini (Abu Dhabi-Mergers & Acquisitions).
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