Liberty completes GCI buy

March 12, 2018
Liberty Interactive (to be renamed Qurate Retail Group) (NASDAQ:QVCA) has completed its previously announced acquisition of Alaskan cable ...

Liberty Interactive (to be renamed Qurate Retail Group) (NASDAQ:QVCA) has completed its previously announced acquisition of Alaskan cable operator GCI, to be renamed GCI Liberty (NASDAQ:GLIBA), as well as a series of transactions to effect the splitoff of GCI Liberty.

"We are pleased to complete the acquisition of GCI and subsequent splitoff of GCI Liberty. GCI has made significant investments over the past 30 years to build a state-of-the-art network for Alaska, and we welcome the team and look forward to its continued success as part of the Liberty family," said Greg Maffei, GCI Liberty president and CEO. "With GCI Liberty and Qurate now trading as asset-backed stocks, we believe this better highlights the value of their underlying assets."

"This transaction is a win for our shareholders, customers, and employees. As part of a larger company, GCI will be even better positioned to compete, innovate, and serve Alaskans and our customers nationwide," said Ron Duncan, CEO of GCI. "I am deeply proud of the contributions that GCI employees have made, and will make, to Alaska's development as the 49th state. All of us at GCI are grateful for our customers' support over the years, and we will continue to work hard to retain that support in the years ahead."

After market close on March 8, 2018, Liberty Interactive's board of directors approved the previously announced reattribution of certain assets and liabilities from its Liberty Ventures Group to its QVC Group, which was effective immediately. In the reattribution, certain assets and liabilities of the Liberty Ventures Group were reattributed to the QVC Group.