Liberty in $585m Puerto Rico deal

Liberty Global is set to create the largest cable company in Puerto Rico after agreeing a deal worth US$585m to acquire OneLink Communications.

Liberty has joined up with private equity firm Searchlight Capital Partners to buy OneLink, which owns San Juan Cable. Liberty will hold 60% of the shares in OneLink and Searchlight the remainder.

Subsequently, OneLink and Liberty’s existing Puerto Rican operation, Liberty Cablevision, will be merged to form the largest cable company on the island.

Mike Fries, president and CEO of Liberty, said the merger will see the company provide cable to about 70% of homes in Puerto Rico.