Liberty to buy Puerto Rican cable company Choice Cable TV with private equity firm Searchlight

IndustriesAssociated Press

Liberty Global will expand operations in Puerto Rico through the acquisition of the country's second-largest cable operator, Choice Cable TV.

Liberty said Wednesday that it is teaming up with the private equity firm Searchlight Capital Partners to buy Choice and its parent company, Puerto Rico Cable Acquisition Company Inc., for about $272.5 million.

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The acquisition means that Liberty will be able to reach 80 percent of the homes on the island, according to the company.

Liberty said combining Choice with its current cable offering in Puerto Rico will make it the largest on the island, reaching 80 percent of homes.

The combined business will be 60 percent owned by Liberty and 40 percent owned by Searchlight.

The deal is expected to close in the first half of 2015.

Liberty Global Plc is based in London.