In a complicated deal, Liberty Interactive Corp. said it's buying Alaska's largest telecommunications company for $1.1 billion.

Douglas County-based Liberty Interactive (Nasdaq: QVCA) said it will acquire General Communication Inc. — one of only three Alaska publicly traded companies — in a deal that will see Liberty Ventures units including Liberty Broadband, Charter, and LendingTree Inc., spun off and combined with General Communication into a new entity called GCI Liberty.

Liberty Interactive will then be renamed QVC Group Inc. that will focus on e-commerce.

“GCI is the largest communications provider in Alaska, generates solid cash flow with upside potential and is a strong fit with the largest businesses in Liberty Ventures. This transaction will ultimately create a standalone Liberty Ventures, reducing the tracking stock discount and enabling an asset-backed QVC Group," said Greg Maffei, Liberty Interactive president and CEO, in a statement.

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