Liberty Global mulls spinning off Puerto Rico, Chile ops
Liberty is considering spinning off local operation . (Credit: © Mauricio Pascual)
Liberty Global, Liberty Puerto Rico’s parent company, announced on Jan. 13 in its SEC filing that it is looking into a potential spinoff to shareholders of its Latin American units, which includes Liberty Puerto Rico and VTR in Chile. Liberty Global owns a 60 percent interest of Liberty Puerto Rico and an 80 percent of VTR.
Naji Khoury, president of Liberty Puerto Rico, said “no decision has been made and this remains a possibility. We are always looking for strategic opportunities to grow our business, organically or through smart and disciplined acquisition. It’s a normal course of business to look into the Latin American market because it is a market that is growing.”
This announcement comes several months after the first anniversary of Liberty’s purchase of multimedia provider OneLink, the phasing out of the OneLink brand and the relaunch of Liberty’s corporate image, logo, and webpage, plus new offerings that included new programming, higher Internet speeds, better residential equipment and more service bundles.
As a result of the integration, Liberty Puerto Rico became the largest cable operator on the island with 519,100 services and 675 employees, making the company the main and largest provider of cable services in Puerto Rico, covering approximately 700,000 homes on the island.
Liberty Puerto Rico LLC’s parent company, Liberty Global, is the largest cable company in the world, operating in 14 countries and providing television, broadband Internet and telephony services through next generation networks and innovative technological platforms. The company connects 24 million customers who subscribe to 48 million services.
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