Liberty Latin America acquires remaining 40% of Liberty Cablevision of Puerto RicoWednesday, October 17th, 2018
Acquisition of Minority Stake from Searchlight Capital Partners
DENVER, Colorado — Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced that it has acquired the remaining 40% stake in Liberty Cablevision of Puerto Rico (“Liberty Puerto Rico” or “LCPR”) from funds affiliated with Searchlight Capital Partners, L.P. (“Searchlight”) in exchange for 9,500,000 Liberty Latin America Class C shares (LILAK). Following the acquisition, Liberty Latin America owns 100% of Liberty Cablevision of Puerto Rico. The transaction is expected to be accretive on a free cash flow per share basis for LLA shareholders.
Balan Nair, President and CEO of Liberty Latin America, commented, “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. At the same time, this further cements our strong relationship with Searchlight and I look forward to continuing to work alongside Eric as a member of our board.”
Eric Zinterhofer, Founding Partner of Searchlight, 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.”