Equity |
6 Months Ended |
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Jun. 30, 2026 | |
| Equity [Abstract] | |
| Equity | Equity Share Repurchase Program Effective May 7, 2024, our Board approved a Share Repurchase Program, which, subject to certain limitations and conditions, authorizes us to repurchase up to $200 million in aggregate dollar value of our Class A common shares and/or Class C common shares through December 2026. The Share Repurchase Program does not obligate us to repurchase any of our Class A or C common shares. Under the Share Repurchase Program, we may repurchase our common shares in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means. During the six months ended June 30, 2026, we repurchased 1.3 million and 2.4 million Class A and Class C common shares, respectively. At June 30, 2026, the remaining amount authorized for share repurchases under the Share Repurchase Program was $172 million. LCR NCI Transaction During August 2024, we entered into an agreement with the noncontrolling interest owner of Liberty Costa Rica whereby we agreed to acquire an additional 8.5% of the remaining noncontrolling interest on January 30, 2026 for an aggregate cash consideration of approximately $84 million, of which $53 million was paid during the first quarter of 2026. The remaining consideration, due on January 29, 2027, is comprised of CRC 8 billion ($18 million) and $15 million, which is reflected within other accrued and current liabilities in our condensed consolidated balance sheet at June 30, 2026. Series A Preference Shares In May 2026, an authorized committee of our Board declared a special dividend on each class of the Liberty Latin America Common Shares. The special dividend consists of one share of newly issued Series A Preference Shares for every ten Liberty Latin America Common Shares having an initial liquidation price of $25 per Series A Preference Share, with cash to be paid in lieu of fractional shares. The Series A Preference Shares were distributed on June 16, 2026 to the shareholders of record on June 1, 2026. The following sets forth the rights and preferences of the Series A Preference Shares. Dividends Subject to the prior preferences and other rights of any Senior Stock (as defined in the Preference Share Designation), the holders of shares of Series A Preference Shares are entitled to receive, when, as and if declared payable by the Board, out of legally available funds, preferential dividends that accrue and cumulate as provided for in the Preference Share Designation. Dividends on each share of Series A Preference Shares accrue on a daily basis at a rate of 9.0% per annum of the liquidation price. If declared, accrued dividends are payable quarterly on each dividend payment date, which is March 15, June 15, September 15, and December 15 of each year, commencing with September 15, 2026 (or, if such date is not a business day, the next business day after such date). Subject to certain exceptions, so long as any shares of Series A Preference Shares are outstanding, we may not declare or pay any dividend or make any distribution whatsoever with respect to, or purchase, redeem, or otherwise acquire, any Liberty Latin America Common Shares or set aside funds for any such purposes, unless and until (i) all accrued and unpaid dividends (whether or not declared) which have been added to and remain part of the liquidation price have been paid (or appropriately set aside), and (ii) we have paid in full (or appropriately set aside) all redemption payments with respect to the Series A Preference Shares that we are then obligated to pay. Distributions Upon Liquidation, Dissolution or Winding Up Subject to the prior payment in full of any Debt Instrument (as defined in the Preference Share Designation) and other liabilities owed to our creditors and the preferential amounts to which any Senior Stock is entitled, if any Liquidation Event (as defined in the Preference Share Designation) occurs, the holders of shares of the Series A Preference Shares are entitled to receive from the assets of Liberty Latin America, before any payment or distribution is made to the holders of shares of any Liberty Latin America Common Shares, an amount in property or cash or a combination thereof, as determined by the Board in good faith, per share, equal to the liquidation price plus all unpaid dividends (whether or not declared) accrued to but excluding the date of distribution of amounts payable to holders of shares of Series A Preference Shares in connection with such Liquidation Event (as defined in the Preference Share Designation) since the immediately preceding dividend payment date, which payment will be made pari passu with any such payment made to the holders of shares of any Liberty Latin America Common Shares. The liquidation price of each share of Series A Preference Shares as of any date is the sum of (i) the initial $25 liquidation price, plus (ii) an amount equal to all unpaid dividends (whether or not declared) accrued with respect to such share that have been added to and then remain unpaid as of such date. Other than redemption upon liquidation, the Series A Preference Shares have no other mandatory redemption features. Optional Redemption On any business day occurring on or after June 16, 2031, being the fifth anniversary of the original issue date of the Series A Preference Shares (the “No Call Period”), we are permitted, at any time and from time to time, to redeem all or a portion of the outstanding shares of Series A Preference Shares out of funds legally available, at the liquidation price plus all unpaid dividends (whether or not declared) accrued from (and including) the most recent dividend payment date to (but not including) the date of redemption; provided that we may effect an optional redemption prior to the No Call Date as described below under the heading “Extraordinary Transactions; Other Transactions.” The Preference Share Designation places certain restrictions on us in the event we do not have funds legally available to satisfy our redemption obligations. Extraordinary Transactions; Other Transactions In the event of any Extraordinary Transaction (as defined in the Preference Share Designation) the Board, in its sole discretion, will determine whether the outstanding Series A Preference Shares will be (i) cancelled and paid out of the consideration payable to our shareholders in such Extraordinary Transaction the liquidation price plus all unpaid dividends (whether or not declared payable) accrued from (and including) the most recent dividend payment date to (but not including) the date of cancellation, (ii) exchanged for Substitute Preference Shares (as defined in the Preference Share Designation), (iii) redeemed pursuant to the optional redemption provisions or (iv) remain outstanding, subject to the voting rights described below under the heading “Voting Power.” In the event of an amalgamation, exchange, merger or similar transaction that is not an Extraordinary Transaction, the Board, in its sole discretion, may determine that the outstanding Series A Preference Shares will be cancelled and, in exchange therefor, the holders of Series A Preference Shares will be entitled to receive shares of Substitute Preference Shares in connection with such transaction; provided that nothing will otherwise prohibit a redemption pursuant to the optional redemption provisions. In the event of a spin-off, the Board may determine that the outstanding Series A Preference Shares will be cancelled and, in exchange therefor, the holders of Series A Preference Shares will be entitled to receive preference shares of the entity being spun off having powers, preferences and rights substantially identical to the Series A Preference Shares (except for any change to such powers, preferences, or rights that do not materially and adversely affect the Series A Preference Shares). Preemptive Rights The holders of shares of Series A Preference Shares do not have any preemptive right to subscribe for or purchase any capital stock or other securities which we may issue. Voting Power The holders of the Series A Preference Shares will not have any voting rights or powers, except as legally required and as further stipulated in the Preference Share Designation. Preferred Directors So long as there remain outstanding shares of Series A Preference Shares having an aggregate liquidation price in excess of 25% of the aggregate liquidation price of the shares of Series A Preference Shares issued on the Original Issue Date (as defined in the Preference Share Designation), holders of the Series A Preference Shares will have certain director election rights as further described in the Preference Share Designation whenever dividends on shares of the Series A Preference Shares have not been declared and paid for at least six quarterly periods, whether or not consecutive.
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