Liberty Global has agreed to sell its 38 percent stake in Japanese cable operator J:Com to KDDI. Liberty will receive around JPY 140,000 per share, or USD 4 billion total, equal to a 65 percent premium on J:Com's last traded share price before the announcement. The price includes payment of the full-year 2009 dividend. The deal is expected to close by 10 February. Liberty said it will use the proceeds from the transaction to continue its share buybacks and pursue consolidation opportunities in its other markets. The acquisition gives KDDI an expanded cable network with J:Com's 3.3 million cable customers, strengthening its position in fixed-line services and offering new potential customers for its mobile offerings.
