Liberty Latin America announced it is set to acquire 87.5 per cent of United Telecommunication Services (UTS), which operates in the Caribbean, as it looks to improve its converged offerings in the region.
Based on the island of Curacao, UTS also provides services in six other markets in the region.
Balan Nair, president and CEO of Liberty Latin America, said that “by consolidating these operations in Curacao, we will form the largest full-service converged telecom operator on the island and create a true national champion, bringing world-class connectivity solutions to our customers on both fixed and mobile networks.”
“We are expanding our footprint in the region, allowing us to further leverage our operational scale and unique subsea network,” he added.
Liberty Latin America also said in a statement “this enhanced national and regional scale will provide a platform for both improved and exciting services for all our customers and for further material synergies.”
The agreement represents all shares held in UTS by the Government of Curacao. In the transaction, UTS is valued at an enterprise value of $189 million on a cash- and debt-free basis.
At the end of 2018, UTS served 101,000 fixed subscribers and 134,000 mobile subscribers.
Earlier this year Liberty Latin America cancelled talks with Millicom about a potential acquisition a week after news of a deal first surfaced.
The tie-up would have created one the largest converged operators in the Americas.