Liberty Latin America has acquired the remaining 40% of Liberty Cablevision of Puerto Rico in a deal that takes its ownership stake to 100%.
Liberty Latin America bought the minority stake from funds affiliated to private investment firm Searchlight Capital Partners, with Searchlight founding partner, Eric Zinterhofer, joining the Liberty Latin America board.
“We are pleased to announce this transaction, which reflects the confidence in our Puerto Rican management team and affirms our commitment to Puerto Rico as our business there recovers strongly following a difficult period for the island,” said Liberty Latin America president and CEO, Balan Nair.
Zinterhofer said: “I want to thank CEO Naji Khoury and the entire team at Liberty Puerto Rico for their dedication in transforming the company from a regional cable operator to the island-wide provider of market-leading broadband, pay TV and voice services in Puerto Rico.
“We are proud of the team’s tireless effort and leadership in rebuilding Liberty Puerto Rico’s network after Hurricane Maria devastated the island. We feel privileged to have been Liberty’s partner in Puerto Rico, and we look forward to being a long-term shareholder of Liberty Latin America.”