GCI Liberty, Inc.

Liberty Capital Corporation has acquired Quintillion in a USD 360m deal that adds roughly 3,000 kilometres of fibre cable to its network, with plans to expand that footprint by a further 2,500 kilometres or so. The acquisition was disclosed by Alluvium Asset Management in its Conventum – Alluvium Global Fund second-quarter 2026 investor letter, which noted the deal aligns with Liberty's GCI operations. Quintillion generates around USD 55-60m in revenue and USD 30m in free cash, and the fund expects significant synergies reportedly around USD 20m, producing a valuation uplift of around 35% when incorporated into its model. GCI Liberty, the Alaskan cable business spun out of Liberty Broadband, rebranded as Liberty Capital Corporation in May 2026, and its shares fell 40.6% over the period. Management also decided to retreat from the competitive, low-margin video business, while a planned acquisition of an initial 6% stake in Liberty Latin America, which would have been built up by buying John Malone's interest, did not proceed. With the share price falling to levels approximating half its valuation and encouraged by the CEO buying shares, the fund increased its position to 3.4% of the portfolio.

Liberty Capital Corporation, formerly GCI Liberty, rebranded in May 2026 to signal its ambition to own assets beyond its core Alaskan cable business. The company drew criticism after announcing a deal to acquire a voting interest in Liberty Latin America from a private equity firm and John Malone, but management quickly unwound the transaction by having Malone purchase the acquired shares at cost. Longleaf Partners Small-Cap Fund, which holds the stock, noted that negative broadband sentiment and SpaceX's public listing have weighed on the shares, though it sees value in the company's strong balance sheet and favorable Alaskan competitive environment. The fund added to its position during the quarter and highlighted CEO Ron Duncan's personal share purchases as an encouraging sign.