Slaughter and May is advising Cable & Wireless Communications - recommended takeover by Liberty Global and scheme of arrangement

Slaughter and May advised Cable & Wireless Communications Plc (CWC) on its recommended takeover by Liberty Global plc which was effected by way of scheme of arrangement. The scheme became effective today.

CWC, a longstanding client of the Firm, is a full service communications and entertainment provider, operating in Latin America and the Caribbean. The company operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. CWC has more than 7,200 employees serving over 6.3 million customers as well as over 125k corporate clients across 42 countries.

The terms of the offer were announced on 16 November 2015. The consideration for CWC included Liberty Global shares, LiLAC shares and a special dividend of 3 pence per CWC share. Upon announcement, the acquisition, including the special dividend, represented a value for CWC's entire issued share capital of approximately £3.6 billion.