Liberty Global (LBTYA, Financial) (Q2: +37%) also received high marks from investors for its plan to merge its U.K. broadband business with wireless carrier O2 in a 50/50 joint venture. The transaction highlights the value of this asset to a well-informed, strategic buyer and affirmed our thesis that its shares traded at a discount to the “sum of its parts”. Over time, we anticipate management will take additional actions to realize the value of its broadband networks and shrink the discount to our estimate of value.
From Wallace Weitz (Trades, Portfolio)'s Partners III Opportunity Fund second-quarter 2020 commentary.
