Liberty Global moved another step closer to closing its $5.3 billion purchase of Cable & Wireless, as its shareholders overwhelming approved the deal with the Caribbean telecom company in a special meeting Wednesday.
Liberty Global agreed to buy Cable & Wireless in November. In typical Liberty fashion the deal is a complicated one, giving C&W shareholders the option of accepting Liberty Global stock or shares of its Caribbean tracker, Liberty Latin America in return for their C&W shares.
According to Liberty Global, more than 99% of the votes cast, representing 86% of all outstanding votes, were in favor of the deal. The next step is to receive approval from C&W shareholders, who will vote on the matter on April 28.