Sale of Curaçao’s UTS shares confirmed

March 27, 2019 10:19 AM
WILLEMSTAD--Liberty Latin America (LLA), a spin-off unit of Liberty Global focused on Latin America and the Caribbean, has made a deal to acquire 87.5 per cent of Curacao-based United Telecommunication Services (UTS), confirming recent reports.
 
LLA said it will purchase all the shares owned by the local government of Curacao in a cash transaction that valued UTS at US $189 million, representing a multiple of six times its 2018 adjusted Ebitda. The remaining 12.5 per cent stake in the company is still owned by St. Maarten.
 
LLA added that the transaction is expected to be completed in the coming days and that it intends to finance the acquisition through existing liquidity, including incremental revolver drawings at Cable and Wireless Communications (CWC).
 
UTS provides fixed and mobile services to Curacao, St. Maarten, St. Martin, Bonaire, St. Barth’s, St. Eustatius and Saba, serving a total of 101,000 fixed- and 134,000 mobile subscribers, mostly in Curaçao. It will now be merged with the existing CWC business in Curacao and integrated into LLA’s regional operations.
 
In this transaction Cable & Wireless Communications and Liberty Latin America were advised by law firm VanEps Kunneman VanDoorne.  The core team of VanEps Kunneman VanDoorne in this transaction comprised of partner Tjarda Tazelaar and associates Vincent Abbing, Aubrich Bakhuis and Nedra Evertsz. They were assisted by several other specialists at VanEps Kunneman VanDoorne.
 

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