Cable entrepreneur John Malone is working on an acquisition that could be valued at more than $5 billion. The Wall Street Journal reports that Malone’s company Liberty Global PLC is in acquisition talks with the London-based telephone, broadband and wireless provider Cable & Wireless Communications PLC.

The move would expand Liberty’s presence in areas including the Caribbean, the report notes. Citing sources who are familiar with the situation, WSJ says a takeover arrangement could be reached before the two companies report their results early next month.

Both companies released statements confirming the talks after WSJ’s initial report. Cable & Wireless was reportedly valued at about $4 billion as of Thursday, but the report notes that the acquisition could be valued as high as about $8 billion including Cable & Wireless debt.

Malone, the chairman and largest voting shareholder of Liberty Global, reportedly owns a 13% voting stake in Cable & Wireless and has recused himself from the negotiations.