Liberty Global Exits J:COM

ENGLEWOOD: Liberty Global is selling its 37.8-percent ownership interest in Japanese cable, broadband and telephony provider Jupiter Telecommunications (J:COM) to wireless operator KDDI Corporation for $4 billion in cash.
 
Liberty Global is selling its subsidiaries that directly or indirectly hold its interest in J:COM, including those that own its interest in LGI/Sumisho Super Media. The deal values Liberty Global’s 2.6 million J:COM shares at about 140,000 yen per share, a 65-percent premium on the Japanese MSO’s closing share price on January 22, 2010.
 
Mike Fries, the president and CEO of Liberty Global, said, “Our investment in J:COM and our partnership with Sumitomo over the last 15 years have both been extremely successful and gratifying. The J:COM management team and, in particular Liberty Global executives Miranda Curtis and Graham Hollis, have created a world class operation and substantial value for our shareholders. While we pride ourselves on being long-term operators, we have also demonstrated a disciplined and opportunistic approach to rebalancing our business interests globally. Exiting the Japanese market at a substantial premium allows us to redirect our capital into more strategic consolidation opportunities in our core markets as well as our ongoing stock buyback initiatives.”