European cable and wireless company Liberty Global plans to buy British company Cable & Wireless Communications for $5.5 billion.

The New York Times reports that the purchase comes on the heels of an announcement made in October in which the two companies discussed a takeover. The plan would increase Liberty Global’s prominence in Latin America and the Caribbean.

Liberty Global offered Cable & Wireless $1.32 per share, plus a 4.5 cent dividend, to be paid once the transaction was complete. Once the deal is completed, including debt held by Cable & Wireless, the deal is estimated to be valued at $8.2 billion.

Cable & Wireless provides television, Internet, mobile, and home phone service in the Caribbean, Panama, and other regions. The deal struck by Liberty Global differs from prior acquisitions from European companies. Combined, deals with Virgin Media and Ziggo have been worth tens of billions of dollars. While Liberty Global did discuss a potential asset swap with Vodaphone, a leader in British wireless, the meetings ultimately did not end in a deal.

With strengthening regulations preventing the consolidation of telecommunications in Europe, Liberty Global set their sights on growth in Latin America and beyond. Liberty Global said Monday that it would use Cable & Wireless’s services to expand in the regions.

John C. Malone, owner of Liberty Global, already had a 13 percent voting stake in Cable & Wireless, due to a deal where the company bought Columbus International for $1.9 million in cash and stock. Malone was a partial owner of Columbus International, and received the stake as part of the deal.