CorpGroup Grabs VTR Stake

A unit of Chile’s CorpGroup has acquired a 20% stake in telecom company VTR GlobalCom for CLP167bn ($333m) to be paid in cash in May, says Cristalchile, the seller. The sale will result in a profit of about CLP68bn, it adds. CorpGroup is a financial conglomerate controlled by Chilean businessman Alvaro Saieh. US-based Liberty Global, which controls 80% of VTR, last year offered to acquire the 20% stake for about $260m in cash or stocks. Local investment bank Celfin Capital had offered $323m. Both offers expired in November.