Liberty Global, the cable empire owned by John Malone, announced a £3.5B ($5.3B) deal to buy Cable and Wireless Communications, extending the reach of the U.S. "king of cable" in Latin America and the Caribbean, according to Szu Ping Chan of the London TELEGRAPH. Liberty, which owns Virgin Media, "has tabled a cash and shares deal to buy the London-listed Caribbean telecoms operator, which has been recommended by the CWC board." The deal "values CWC at 81.04p a share, including a 3p special dividend if it is approved." The offer represents a 40% premium on CWC's closing price of 58p per share on Oct. 21, "the day before CWC admitted it had been approached by Liberty." The deal "will mean the departure" of one of the U.K.'s oldest companies from the stock market. Ownership of CWC "will allow Liberty to combine the business with its Latin American assets to create a larger operation to mount a stronger challenge in the region's telecoms industry to Spain's Telefonica and Mexico's Carlos Slim." It will shift Liberty’s balance westward slightly, "although most of its networks are in Europe, including Virgin Media" (TELEGRAPH, 11/16).
