Alaskan broadband provider GCI Liberty (GCIL) has snapped up a six percent stake in Liberty Latin America.

The company announced the acquisition late last week, noting that it has purchased 61,000 shares of LLA Class A common stock and 12.3 million shares of LLA Class C common stock from investment funds managed by Searchlight Capital Partners for approximately $107 million.

On the same day, the company announced it's changing its name from GCI Liberty to Liberty Capital Corporation.

GCIL is also in talks with businessman John Malone to acquire his shares of Liberty Latin America, which represents close to a seven percent stake. Malone founded Liberty Global, Liberty Latin America's former parent company. The firms split in 2018.

Malone notably owns a 27 percent voting interest in Liberty Latin America, as well as a 54 percent voting interest in GCIL and an approximate seven percent economic interest in GCIL.

“I am excited about the opportunity that GCI Liberty’s investment in LLA presents and the prospects for LLA going forward given its strong market positions across a unique set of assets. Ron and the GCIL team share my confidence in Balan and LLA management to drive continued business performance and meaningful free cash flow growth for shareholders,” said Malone.

“We are pleased to begin executing on our growth strategy with this opportunistic investment in Liberty Latin America and hopeful that we can reach an agreement with John to acquire his interests,” said Ron Duncan, GCI Liberty President and CEO.

“Balan and his team have done an impressive job of developing LLA into a leading integrated connectivity provider across Latin America and the Caribbean, and we look forward to participating in the potential returns that lie ahead.”

Liberty Latin America operates in more than 20 countries across Latin America and the Caribbean, spanning various consumer brands including; BTC, Flow, Liberty, and Más Móvil.

For GCI, the acquisition follows that of GCI Holding's planned acquisition of Alaskan fiber infrastructure provider Quintillion for $310 million, announced last month.

Founded in 1979, GCI is a subsidiary of Liberty Broadband and is Alaska's biggest communications provider. GCI provides data, mobile, voice, and managed services to consumer, business, government, and carrier customers throughout Alaska.

The company also reported its first quarter earnings, reporting a decline in revenue of four percent to $256m.

GCI posted an operating income of $30m, while adding 207,700 total wireless lines for the quarter.