Luquillo’s Liberty Cable is in talks to buy the assets of San Juan’s cable television provider OneLink Communications through a transaction that could be worth about $560 million, News is my Business learned.
If consummated, the deal would give Liberty Cablevision 145,000 new video subscribers, pushing that customer base to 223,000, and 88,000 new data customers, adding to its current base of 90,000 customers.
Liberty would become Puerto Rico’s largest cable carrier, with 400,000 customers, and would be better positioned to compete against Puerto Rico Telephone’s Internet protocol-based Claro TV service, which is expected to launch islandwide sometime this year, industry sources said.
The Luquillo-based company has a coverage area of 37 towns, where it offers interactive cable television services and Voice over Internet Protocol. Meanwhile, OneLink’s footprint covers eight towns in the San Juan metropolitan area.
Since June 2005, OneLink has been owned by private equity firms MidOcean Partners and Crestview Partners, which paid $250 million at the time to buy the property from the former Adelphia Communications Corp.
On Monday, Liberty Spokesman Gabriel Palerm said the “company does not comment on rumors.”