# Liberty Latin America

Liberty Latin America is a multinational telecommunications company with operations across Latin America and the Caribbean. Headquartered in Denver, Colorado, the company maintains an operations center in Panama City, Panama. Liberty Latin America provides services to both residential and business customers, including video, broadband internet, telephony, and mobile offerings. Operating in over 20 consumer markets and more than 30 business-to-business markets, it manages an extensive subsea fiber network connecting approximately 40 markets—among them Puerto Rico, Costa Rica, Panama, Jamaica, the Bahamas, and other Caribbean nations.
As of 2022, Liberty Latin America reported annual revenue of $4.9 billion and employed over 10,000 people across all of its operations. The company’s subscriber base includes 6.4 million RGUs (encompassing video, internet, and fixed-line telephony subscribers) and 8 million mobile subscribers.In its first-quarter results for 2024, Liberty Latin America reported revenue of $1,099 million, reflecting a period of strategic adjustments and modest subscriber growth, including the addition of 45,000 organic broadband and postpaid mobile subscribers. Despite integration challenges in certain markets, the company continued to undertake strategic initiatives and share repurchase programs, positioning itself for future growth and improved operational efficiency.

## History

Liberty Latin America was founded in 2018 after the completion of the split-off of Liberty Global’s Latin America and Caribbean operations. Conyers Dill & Pearman, which provided Bermuda law advice for the split-off, launch, and US listing, described Liberty Latin America as a “pure-play” independent telecommunications company focused on Latin America and the Caribbean, with 6.4 million homes passed, 5.3 million revenue-generating units, and 3.7 million mobile subscribers as of September 2017. Annual revenue was reported at $3.7 billion for the nine months ending September 30, 2017.
Prior to the split, Liberty Global made significant investments in the region, including the acquisition of Cable & Wireless Communications in 2015. The deal, valued at £3.5 billion (US$5.3 billion) plus the assumption of $2.7 billion in debt, was described by Liberty Global CEO Mike Fries as “a watershed moment for our recently created LiLAC platform” that would “add significant scale and management depth to our fast-growing operations in Latin America and the Caribbean, while creating a new regional consumer and B2B powerhouse” .
Following the split-off, Liberty Latin America Class A and Class C common shares began trading on the Nasdaq Global Select Market under the symbols “LILA” and “LILAK,” respectively, while Class B common shares are quoted on the OTC Markets under the symbol “LILAB”.
In 2018, following Liberty Latin America’s split-off from Liberty Global, Balan Nair—formerly chief technology & innovation officer at Liberty Global—was appointed as the company’s Chief Executive Officer. Later that same year, Nair, already a respected figure in the telecommunications and technology industry, was inducted into the Cable Hall of Fame, an honor recognizing his significant contributions to the field.
In October 2018, Liberty Latin America completed its first acquisition as an independent company, purchasing an 80% stake in Costa Rican cable operator Cabletica for an enterprise value of approximately US$250 million. Balan Nair described the move as “an exciting” development for Liberty Latin America, enabling it to “build on Cabletica’s achievements” and further integrate its operations, leveraging the region’s highly fragmented market and unmet demand for high-speed data services. At the time of acquisition, Cabletica’s HFC network passed approximately 562,000 homes—nearly 40% of homes in Costa Rica—and served around 207,000 customers subscribing to 327,000 services.
By the end of the same year, Liberty Latin America also acquired the remaining 40% stake in Liberty Cablevision of Puerto Rico from funds affiliated with Searchlight Capital Partners. The transaction, completed through the issuance of 9.5 million Liberty Latin America Class C shares, gave the company full ownership of its Puerto Rican subsidiary. According to Liberty Latin America, this move reflects the company’s ongoing commitment to Puerto Rico, where it continues to expand broadband, pay TV, and voice services following challenges posed by Hurricane Maria.
In 2019, Liberty Latin America continued investing in Puerto Rico and the U.S. Virgin Islands, announcing its intention to acquire AT&T’s operations in the region for US$1.95 billion. This included approximately 1.1 million wireless subscribers, network infrastructure, and around 1,300 employees transitioning from AT&T to Liberty Latin America. Although AT&T retained its FirstNet responsibilities and certain business relationships, Liberty Latin America gained substantial scale and capabilities within these markets. The transaction, aimed at strengthening Liberty Latin America’s regional position and enhancing its 5G readiness, was completed in October 2020.
That same year, Liberty Latin America secured a deal to acquire an 87.5% stake in United Telecommunication Services N.V. (UTS) for US$189 million in an all-cash, debt-free transaction. This agreement expanded the company’s footprint into Curaçao, St. Maarten, St. Martin, Bonaire, St. Barths, St. Eustatius, and Saba. By integrating UTS’s 101,000 fixed and 134,000 mobile subscribers, Liberty Latin America broadened its presence in the Lower Antilles and positioned itself to offer enhanced services and future synergies in these markets.
In 2020, Liberty Latin America moved to acquire Telefonica’s operations in Costa Rica, taking advantage of a complex situation that arose after Telefonica’s original plan to sell the unit to Millicom collapsed due to regulatory and legal complications. This positioning allowed Liberty Latin America to secure the deal at a discounted price of US$505 million. The transaction, which received the approval of Costa Rica’s President Carlos Alvarado Quesada and the country’s telecom regulator Sutel, was completed in August 2021. Liberty Latin America combined the acquired Movistar Costa Rica business with its existing Cabletica operations, bolstering its presence and offering an expanded suite of mobile, broadband, and television services in the country.
Also in 2020, the company enhanced its B2B capabilities by acquiring IT Outsource, a Cayman Islands-based IT consultancy and business solutions firm. This acquisition expanded Liberty Latin America’s portfolio of managed services, cloud-based solutions, and IT support, strengthening its position in the Caribbean’s business-to-business market.
In 2021, Liberty Latin America appointed its first Chief Customer Officer, Rocío Lorenzo, to enhance customer experience, digital engagement, and overall service quality. That same year, the company published its inaugural ESG report, outlining its environmental, social, and governance commitments, as well as its efforts to bring connectivity to underserved areas and adhere to high ethical standards.
In 2022, Liberty Latin America, through its 49%-owned subsidiary Cable & Wireless Panamá, completed the acquisition of América Movil’s operations in Panama (Claro Panamá). This transaction further solidified the company’s footprint in Central America. According to CEO Balan Nair, integrating Claro Panama’s fixed and wireless services with Cable & Wireless Panamá’s existing operations would enhance coverage, increase network speeds, and create room for continued investment and technological innovation in the Panamanian market.

# Brands
### BTC

The Bahamas Telecommunications Company (BTC) is a telecommunications provider in The Bahamas, offering fixed-line, broadband, mobile, IPTV, and television services. Established in 1966 as a government-owned entity, BTC was privatized in 2011 when Cable & Wireless Communications (CWC) acquired a 51% stake. In 2016, Liberty Global purchased CWC in a US$7.4 billion deal, integrating its Caribbean assets – including BTC – into its Latin American and Caribbean divisions. Following the spin-off of Liberty Latin America from Liberty Global in January 2018, BTC became part of Liberty Latin America’s portfolio of brands, operating in over 20 countries across Latin America and the Caribbean, with combined annual revenues of approximately US$3.7 billion.

### C&W Business

C&W Business is a full-service communications provider operating in more than 20 countries, offering video, broadband, telephony, and mobile services. Through its enterprise division, the company provides data center hosting, managed network services, and customized IT solutions. C&W Business leverages the extensive subsea infrastructure of C&W Networks—another Cable & Wireless Communications subsidiary—which operates one of the largest submarine multi-ring fiber-optic networks in the greater Caribbean, Central American, and Andean regions. This network spans more than 50,000 km and connects approximately 40 countries, supporting a wide array of advanced broadband and IP services.

### FLOW

Flow is a full-service communications and entertainment provider operating in numerous Caribbean markets, offering mobile, television, broadband, and home phone services. The brand emerged after Cable & Wireless Communications (CWC) acquired Columbus Communications in 2015 and integrated their operations, gradually replacing the LIME brand with Flow across the region. Over time, the company has also absorbed other local providers—such as UTS in Bonaire and St. Maarten—under the Flow marquee, enhancing network speeds, coverage, and service offerings. Flow now serves markets including Antigua & Barbuda, Anguilla, Barbados, the British Virgin Islands, the Cayman Islands, Curaçao, Dominica, Grenada, Jamaica, Montserrat, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Trinidad & Tobago, and the Turks & Caicos Islands.

### + Movil

+ Móvil (also stylized as Más Móvil) is a Panamanian telecommunications brand offering fixed, mobile, and broadband services. Operated by Cable & Wireless Panamá, a subsidiary of Liberty Latin America, + Móvil has introduced innovations in the regional market, including the first Wi-Fi calling app in Latin America and a fully digital pay-TV service. It operates under a joint ownership structure, with 49% held by Liberty Latin America’s Cable & Wireless Cala Holdings Limited, 49% by the Government of the Republic of Panama, and 2% by a trust in favor of its employees.

### Liberty Puerto Rico

Liberty Puerto Rico is a telecommunications provider offering broadband internet, VoIP, television, and mobile services in Puerto Rico, and mobile services in the United States Virgin Islands (USVI). Headquartered in San Juan, Puerto Rico, the company serves over one million television subscribers and more than one million internet customers.
Founded in 1999 to provide advanced video services, Liberty Puerto Rico later expanded its offerings to include internet access, voice-over-IP telephony, and video-on-demand. Over the years, it introduced technology upgrades such as hybrid fiber-coaxial (HFC) infrastructure and DOCSIS 3.0, and in 2018 it became part of Liberty Latin America. In 2020, Liberty Latin America acquired AT&T’s wireless and wireline operations in Puerto Rico and the USVI, adding approximately 1.1 million wireless subscribers and strengthening its position as a fully integrated communications provider in these markets.
In 2023, Liberty Latin America announced plans to acquire additional spectrum and about 120,000 prepaid wireless subscribers from DISH Network in Puerto Rico and the USVI, aiming to improve network capacity and speeds, and drive further growth in the prepaid segment.

### Liberty Costa Rica

Liberty Costa Rica is a telecommunications provider offering internet, IPTV, and telephony services across Costa Rica. Originally operating under the Movistar brand and owned by Spanish multinational Telefónica, the company entered the Costa Rican market in 2011. By 2021, Liberty Latin America completed the acquisition of Telefónica’s Costa Rican operations for approximately US$500 million, subsequently merging them with Cabletica—of which Liberty Latin America held an 80% stake—to create a more comprehensive offering of fixed and mobile services.
Following the acquisition, Liberty Costa Rica and Millicom announced plans in 2024 to combine their respective operations within the country. Subject to regulatory approval, this merger aims to accelerate fiber-to-the-home (FTTH) deployments, improve network coverage and speed, and enhance the range of services available to customers. If approved, Liberty Latin America is expected to hold around 86% ownership, with Millicom retaining the remaining 14%. The deal is anticipated to be completed by the second half of 2025.

### Liberty Networks

Liberty Networks is the business-to-business division of Liberty Latin America, specializing in technology infrastructure, connectivity, and enterprise solutions. Supported by an expansive submarine cable network, Liberty Networks provides carriers, hyperscalers, and businesses with enhanced connectivity, data center services, and next-generation solutions aimed at improving productivity, operational efficiency, and time-to-market.
The company’s origins trace back to New World Network, which in 2000 invested in the Americas Region Caribbean Ring System (ARCOS-1) submarine cable as part of its early infrastructure projects. In 2005, Columbus Communications acquired New World Network and further expanded its submarine infrastructure through systems such as FIBRALINK, EC Link, and CFX-1. Columbus Communications was itself acquired by Cable & Wireless Communications in 2014 for US$1.85 billion, significantly broadening CWC’s Caribbean and Latin American broadband and mobile footprint.
In May 2023, C&W Networks and C&W Business were consolidated under the single Liberty Networks brand. According to Ray Collins, CEO of Liberty Networks and SVP of Infrastructure and Corporate Strategy at Liberty Latin America, the rebranding clarifies the company’s role as a core regional connectivity provider, making it easier to communicate its value proposition, investments, and capabilities across Latin America and the Caribbean.

## References

* 1 2 3 «Liberty Latin America Reports Mixed Q1 2024 Results Amidst Strat». www.gurufocus.com (en inglés). Consultado el 3 de marzo de 2025.
* 1 2 «Conyers Advises Liberty Latin America on its Split-Off, US Listing and Launch». Conyers (en inglés). Consultado el 3 de marzo de 2025.
* ↑ Barraclough, Leo (17 de noviembre de 2015). «John Malone’s Liberty Global Acquires Cable & Wireless in $5.3 Billion Deal». Variety (en inglés estadounidense). Consultado el 3 de marzo de 2025.
* ↑ Gibbonspublished, Kent (22 de diciembre de 2017). «Cable Hall of Fame Adds Balan Nair, 'Breaking Bad' to '18 Class». Broadcasting Cable (en inglés). Consultado el 3 de marzo de 2025.
* 1 2 Staff, B. T. R. (13 de febrero de 2018). «Liberty buying 80% stake in Costa Rican cable op». Lightwave (en inglés). Consultado el 3 de marzo de 2025.
* ↑ «Telecompaper». www.telecompaper.com. Consultado el 3 de marzo de 2025.
* 1 2 «AT&T to Sell its Operations in Puerto Rico and the U.S. Virgin Islands to Liberty Latin America». about.att.com (en inglés estadounidense). Archivado desde el original el 13 de diciembre de 2024. Consultado el 3 de marzo de 2025.
* ↑ «Liberty Latin America to buy controlling stake in UTS for $189m». Capacity Media (en inglés). 26 de marzo de 2019. Consultado el 3 de marzo de 2025.
* ↑ Donkin, Chris (2 de agosto de 2021). «Telefonica cleared to offload Costa Rica unit». Mobile World Live (en inglés británico). Consultado el 3 de marzo de 2025.
* ↑ «Flow Cayman Expands Its B2B Operations». Cayman Compass (en inglés británico). 2 de julio de 2020. Archivado desde el original el 26 de febrero de 2022. Consultado el 3 de marzo de 2025.
* ↑ «BCG's Rocío Lorenzo joins Liberty Latin America». Capacity Media (en inglés). 4 de mayo de 2021. Consultado el 3 de marzo de 2025.
* ↑ Opsman (8 de julio de 2021). «LLA releases its first ESG report». The Daily Herald (en inglés británico). Consultado el 3 de marzo de 2025.
* ↑ «CABLE & WIRELESS PANAMÁ COMPLETES THE ACQUISITION OF CLARO PANAMÁ - SEÑAL NEWS». senalnews.com (en inglés). Consultado el 3 de marzo de 2025.
* ↑ «Virgin Media parent Liberty Global spins out Latin American business». The Irish Times (en inglés). Consultado el 3 de marzo de 2025.
* ↑ «Liberty Global splits off Caribbean and Latin American arm | Loop News». web.archive.org. 9 de enero de 2021. Consultado el 3 de marzo de 2025.
* ↑ «Liberty Global completes purchase of CWC/Columbus». Capacity Media (en inglés). 17 de mayo de 2016. Consultado el 3 de marzo de 2025.
* ↑ «C&W Networks Upgrades Pan Caribbean Submarine Cable Networks with Ciena – IEEE ComSoc Technology Blog». techblog.comsoc.org. Consultado el 3 de marzo de 2025.
* ↑ «‘LIME’ brand to be replaced by ‘Flow’». CNS Business (en inglés estadounidense). 7 de mayo de 2015. Consultado el 3 de marzo de 2025.
* ↑ www.masmovilpanama.com https://www.masmovilpanama.com/institucionales/quienes-somos |url= sin título (ayuda). Consultado el 3 de marzo de 2025.
* ↑ «Liberty PR History — Liberty». Liberty (en inglés estadounidense). Archivado desde el original el 19 de enero de 2024. Consultado el 3 de marzo de 2025.
* ↑ «Liberty PR History — Liberty». Liberty (en inglés estadounidense). Archivado desde el original el 19 de enero de 2024. Consultado el 3 de marzo de 2025.
* ↑ «AT&T to Sell its Operations in Puerto Rico and the U.S. Virgin Islands to Liberty Latin America». about.att.com (en inglés estadounidense). Archivado desde el original el 13 de diciembre de 2024. Consultado el 3 de marzo de 2025.
* ↑ «LIBERTY LATIN AMERICA TO ACQUIRE PUERTO RICO AND USVI SPECTRUM AND SUBSCRIBER ASSETS FROM DISH NETWORK» (en inglés). Archivado desde el original el 30 de septiembre de 2024. Consultado el 3 de marzo de 2025.
* ↑ Ammachchi, Narayan (12 de agosto de 2021). «Liberty Acquires Telefonica’s Operations in Costa Rica - Nearshore Americas» (en inglés). Consultado el 3 de marzo de 2025.
* ↑ Comment, Paul Lipscombe (5 de agosto de 2024). «Liberty Latin America and Millicom agree to combine operations in Costa Rica». www.datacenterdynamics.com (en inglés). Consultado el 3 de marzo de 2025.
* 1 2 «About | Liberty». libertynetworks.com. Consultado el 3 de marzo de 2025.
* 1 2 3 Staff, Reuters. «Cable & Wireless Comms to buy Columbus Intl for $1.85 billion». U.S. (en inglés estadounidense). Archivado desde el original el 11 de agosto de 2023. Consultado el 3 de marzo de 2025.
* ↑ Hardy, Stephen (15 de mayo de 2023). «C&W Networks, C&W Business to rebrand as Liberty Networks». Lightwave (en inglés). Consultado el 3 de marzo de 2025.