Liberty Global Plc (LBTYA), the cable company controlled by billionaire John Malone, said it acquired the remainder of shares in Chiles largest cable operator in exchange for about $422 million of its stock.

Liberty Global acquired the remaining 20 percent of outstanding shares in VTR GlobalCom SpA and VTR Wireless SpA from a subsidiary of Corp Group Holding Inversiones Limitada in return for 10.1 million of its own Class C ordinary shares, it said in a statement today. The consideration had a market value of about $422 million based on Liberty Globals closing stock price yesterday of $41.80.

Liberty Global, which has been studying a spinoff of its Latin American businesses in Chile and Puerto Rico, has grown into Europes largest cable company in recent years with operations stretching from the U.K. to Hungary. In January, the London-based company agreed to buy Dutch broadband provider Ziggo NV for $6.7 billion.

The company has operations in 14 countries and offers TV, broadband and phone services to 24 million customers.

To contact the reporter on this story: Kristen Schweizer in London at kschweizer1@bloomberg.net

To contact the editors responsible for this story: Kenneth Wong at kwong11@bloomberg.net Robert Valpuesta, David Risser

Go here to read the rest:

Liberty Global Buys Rest of Chile Cable Company for $422 Million