Liberty Capital Corporation (NASDAQ:GLIBK) has bought Quintillion for $360 million, a move that adds 3,000 kilometers of fiber cable to its portfolio, with plans to expand by another 2,500 kilometers. The deal was announced in the Q2 2026 investor letter from Conventum – Alluvium Global Fund, which holds the stock and recently increased its position.
The fund’s letter describes the transaction as a natural fit for Liberty’s GCI operations. Quintillion brings revenue of about $55-60 million and free cash flow of $30 million. The fund expects the combined business to save $20 million annually through shared resources, and says its model shows the deal lifts the stock’s value by about 35%.
The Company Behind the Deal
Liberty Capital is a communication services company that provides data, wireless, video, voice, and managed services. Its predecessor, GCI Liberty, Inc., rebranded to Liberty Capital Corporation in May 2026. The fund notes that the legacy GCI Alaska cable business serves as its “cash cow.”
On September 15, 2026, Liberty Capital closed at $25.55 per share. The stock has fallen 1.50% over the past month and 27.02% over the past 52 weeks, trading within a range of $19.30 and $41.18. Its market capitalization stands at $1.02 billion.
The rebrand came in May 2026, when GCI Liberty, Inc. became Liberty Capital Corporation. The fund points to the legacy GCI Alaska cable business as the company’s cash-producing asset.
What Quintillion Brings
Quintillion owns approximately 3,000 kilometers of fiber cable. The company plans to expand that network by another 2,500 kilometers. The fund’s letter describes the acquisition as fitting with Liberty’s GCI operations, suggesting the added capacity supports the broader infrastructure strategy.
The deal also includes revenue and cash flow figures. Quintillion generates around $55-60 million in revenue and produces $30 million in free cash flow. The fund estimates that the combination will produce $20 million in annual savings through shared resources.
The Fund’s Positioning
Conventum – Alluvium Global Fund held Liberty Capital prior to the deal. In the letter, the fund says it increased its position after the share price fell to levels approximating half its valuation. The fund now holds a 3.4% stake in the Fund.
The fund cites the CEO’s recent purchases as encouragement to buy. It also notes that Liberty Capital had previously planned to acquire an interest in Liberty Latin America by striking a deal for an initial 6% stake and building on that by buying John Malone’s interest. That deal did not proceed, and the fund believes that decision may have spooked the market.
The Price Reaction
The stock has been under pressure since the rebrand. Liberty Capital fell 40.6%, according to the fund’s letter. The fund’s model suggests the deal lifts the stock’s value by about 35%.
What to Watch Next
The fund’s logic rests on three pillars:
- The strategic fit between Quintillion’s fiber network and Liberty’s existing operations
- The $20 million in estimated annual savings from shared resources
- The CEO’s recent purchases, which the fund views as a vote of confidence
The fund’s 3.4% stake now reflects a higher conviction than before. Whether the savings materialize and the expanded network performs will test the fund’s thesis.
The deal is a clear signal from Liberty Capital about where it wants to play. The fund’s confidence in the CEO’s leadership is also notable, given that the Latin America deal fell through.
For investors watching the stock, the path forward is straightforward: the fund expects the deal to add value, and the CEO’s purchases back that expectation.
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