NASDAQ listed cableco Liberty Global and PE firm Searchlight Capital Partners have completed their US$585.25m purchase of Puerto Rican San Juan Cable, which operates as OneLink Communications.
The operator was sold by US private equity firms MidOcean…
NASDAQ listed cableco Liberty Global and PE firm Searchlight Capital Partners have completed their US$585.25m purchase of Puerto Rican San Juan Cable, which operates as OneLink Communications.
The operator was sold by US private equity firms MidOcean Partners and Crestview Partners.
Prior to the acquisition of OneLink Liberty spun off its local cable business, LCPR, into a new entity called Leo Cable. Searchlight injected US$585.25m into Leo in return for a 40% stake, and then Leo used the cash from the PE firm to acquire OneLink.
The newly formed entity represents the largest cable operator on Puerto Rico, connected to more than 700,000 homes.
“Consistent with our strategy of consolidating markets within our footprint, this transaction will make us the leading provider of cable services in Puerto Rico,” said Liberty Global CEO Mike Fries when the deal was agreed.
LionTree Advisors and Scotiabank acted as financial advisor to Liberty Global and Searchlight in this transaction.
Kirkland & Ellis served as legal advisor to MidOcean and Crestview.
