On 14 July 2023, Liberty Global’s shareholders voted strongly in favour of a proposal to change its jurisdiction of incorporation from England to Bermuda.
The change in jurisdiction will make it substantially easier for Liberty Global to plan and execute shareholder value–enhancing corporate transactions, including buybacks, dividends, spin-offs, cross-border divestitures and acquisitions, while also reducing administrative burdens and expenses.
“We are delighted that our shareholders have endorsed the proposal to redomicile to Bermuda. As a group we know the jurisdiction well and we have been attracted to Bermuda’s pragmatic and effective corporate laws along with its highly regarded, efficient judicial system,” said Bryan Hall, general counsel for Liberty Global.
“Liberty Global’s plan to redomicile to Bermuda is an endorsement of Bermuda as a high quality jurisdiction. We will be pleased to welcome Liberty Global to the growing ranks of Bermuda companies listed on the principal US stock exchanges,” said Marcello Ausenda, Head of Conyers Bermuda corporate practice.
The redomiciliation is expected to close in November 2023 pending approval from the English Courts.
Liberty Global is a world leader in converged broadband, video and mobile communications services. Its consolidated businesses generate annual revenue of more than US$7 billion, while its Virgin Media-O2 and VodafoneZiggo services generate combined annual revenue of more than US$17 billion.
Conyers previously advised on the on the split-off of Liberty Latin America from Liberty Global in 2018, including its incorporation in Bermuda and US listing on the Nasdaq Global Select Market as an independent, publicly-traded company.
Liberty Global’s day-to-day operations in all its businesses will be unaffected by the redomiciliation.