Liberty Global, Inc. ("Liberty Global" or "LGI") (NASDAQ: LBTYA, LBTYB
and LBTYK) today announced that, following regulatory approval, it has
consummated the previously announced agreement with investment funds
affiliated with Searchlight Capital Partners, L.P. (collectively,
"Searchlight"). Pursuant to this agreement, a subsidiary of LGI
contributed its 100% interest in Liberty Cablevision of Puerto Rico LLC
("Liberty Puerto Rico"), and Searchlight contributed cash, to Leo Cable
LP, an entity that, in turn, used the Searchlight cash to acquire 100%
of the equity of San Juan Cable, LLC, doing business as OneLink
Leo Cable LP is ultimately 60%-owned by LGI and 40%-owned by
Searchlight. LGI will have a controlling financial interest in, and will
consolidate, Leo Cable LP. The newly formed entity represents the
largest cable operator on the island with homes passed of approximately
700,000 and revenue generating units (RGUs)1 approaching
500,000. LionTree Advisors and Scotabank acted as financial advisors to
Leo Cable LP and certain of its affiliates in this transaction.
About Liberty Global
Liberty Global is the leading international cable company, with
operations in 13 countries. We connect people to the digital world and
enable them to discover and experience its endless possibilities. Our
market-leading television, broadband internet, and telephony services
are provided through next-generation networks and innovative technology
platforms that connect 20 million customers who subscribe to 34 million
services as of September 30, 2012.
Liberty Global's consumer brands include UPC, Unitymedia, Kabel BW,
Telenet and VTR. Our operations also include Chellomedia, our content
division, UPC Business, a commercial services division and Liberty
Global Ventures, our investment fund. For more information, please visit www.lgi.com.
Searchlight is a private investment firm founded in 2010 by senior
partners formerly with industry leading investment management firms.
Searchlight Capital Partners currently manages over $860 million,
invests in a wide range of industries in North America and Europe, and
has offices in New York, London and Toronto. For more information,
please visit www.searchlightcap.com.
1 The homes passed and RGU figures are as of September 30,
2012. LCPR figures are based on Liberty Global subscriber definitions
and OneLink homes passed and RGUs are based on information provided to
us by OneLink.
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