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Liberty Global to Acquire Cable & Wireless in $5.3 Billion Deal

  • Malone extends Europe cable empire into Caribbean, Panama
  • Cable & Wireless shares jump about 7 percent in London
Liberty Media's John Malone.

Liberty Media's John Malone.

Photographer: Michael Kovac/Getty Images
Updated on

John Malone’s Liberty Global Plc agreed to buy Cable & Wireless Communications Plc in a cash-and-stock transaction valued at 3.5 billion pounds ($5.3 billion), extending the U.S. billionaire’s European cable empire deeper into Latin America.

Cable & Wireless shareholders will receive a 3 pence-a-share one-time dividend at the deal’s completion. The transaction values Cable & Wireless at 78.04 pence per share. The stock rose 6.6 percent to 78.60 pence at 8:13 a.m. in London.