Liberty Latin America sells Cable & Wireless Seychelles
Communications group Liberty Latin America has completed sale of Cable & Wireless Seychelles. All its operations are now in the Caribbean and Latin America.
Liberty made the announcement earlier this week, when it also released its financials for the nine months to September which showed revenue for the period at US$2.757 billion, up two per cent year over year.
For the third quarter, Liberty reported US$967 million in revenue, US$70 million in operating loss and US$380 million in operating cash flow.
The company said it has sold its subsidiary, Cable & Wireless Seychelles, to a consortium of local investors.
In the transaction, Cable & Wireless Seychelles was valued at US$104 million on a cash- and debt-free basis. The net proceeds from the sale are expected to be used for general corporate purposes.
CEO Balan Nair said, “we will be focused entirely on the Caribbean and Latin America region. As we look to finish the year strongly, we remain on-track to deliver our 2019 financial guidance targets and are excited by the platform we are building to drive sustainable free cash flow growth.”
Liberty Latin America operates in over 20 countries across Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil, BTC, UTS and Cabletica.