Liberty PR

AT&T Sells Puerto Rico, U.S. Virgin Islands Assets to Liberty for $1.95B

Deal will boost Liberty’s holdings on the islands, expects to close in Q2 2020

Liberty Latin America has agreed to purchase AT&T’s wireless and wireline assets in Puerto Rico and the U.S. Virgin Islands for $1.95 billion in cash, the company said Wednesday. 

Liberty Latin America, which was spun off from John Malone’s LibertyGlobal as an independent publicly traded company in 2018, already has an extensive presence in Puerto Rico. This deal, according to Liberty Latin America CEO Balan Nair, will allow the company to expand its product portfolio to include a popular post-paid mobile offering and increase its distribution channels on the island.

News of the deal boosted Liberty Latin America stock was up nearly 3% in early trading Wednesday to $17.06 per share.

“The combination of AT&T’s leading mobile businesses with Liberty Puerto Rico’s leading high-speed broadband and TV business will create a strong and competitive integrated communications player, with a combined annual revenue of over $1.2 billion in Puerto Rico and $4.6 billion across LLA,” Nair said in a press release. “By continuing to invest in digital infrastructure, innovation, 5G networks and a friendly customer service experience, we are confident that this new combination will support our long-term growth profile and that this deal will be free cash flow accretive on a per share basis.”

The sale should also serve to calm some investors who had been advocating for AT&T to sell off non-core assets to help pay down its $80 billion in debt. In September, investor Elliott Management called for the company to sell off its DirecTV and WarnerMedia units to focus on its core wireless business. While this deal is not early as extreme, it shows that the company is at least paying attention. 

The assets involved in the deal include AT&T’s consumer mobile and B2B services in Puerto Rico and the U.S. Virgin Islands, but exclude its DirecTV customers in those areas. In Puerto Rico, which Liberty said accounts for about 90% of the total assets being acquired, AT&T is the top provider of mobile services, and has agreed to support Liberty Latin America for up to 36 months following the closing of the deal to enable an efficient transition.

Liberty Latin America will finance the transaction through a combination of $2.2 billion in borrowings on the combined assets and Liberty Puerto Rico (including refinancing $922.5 million in existing term loans at Liberty Puerto Rico) and the remaining $750 million from Liberty Latin America’s committed liquidity of $2.0 billion on June 30. 

Liontree LLC and Credit Suisse are acting as financial advisers to Liberty Latin America on the transaction. 

LIBERTY BUSINESS LAUNCHES MANAGED SECURITY SERVICES SOLUTION “SECURED EDGE”

The new security solution provides network security management for any size and type of business

SAN JUAN, PUERTO RICO, September 16, 2019 – Liberty Business, the business market division of Liberty Puerto Rico, recently launched “Secured Edge,” a managed security services solution that oversees network security for any size or type of business. Offered to Liberty Business by Fortinet, the product is available exclusively for Liberty Business customers.

“‘Secured Edge’ manages network security right at the business’ premises, which allows customers to focus on running their operations while giving them peace of mind,” said Antonio Llona, vice president of Liberty Business. “It also optimizes the network to isolate, control and prevent cybersecurity threats while using the industry’s best practices.”

In addition to cybersecurity control, Llona adds that “Secured Edge” offers customers many other benefits such as security templates and security configurations designed specifically for each business, an Enterprise license, better cybersecurity equipment configuration practices, periodical updates and 24/7 support. It also offers FortiSandBox, an advanced security service that provides top-rated proactive advanced threat detection.

“To make things even easier, ‘Secured Edge’ provides reports to comply with established regulations and policies, plus early alerts on new threats and intelligence to predict, detect and block zero-day malware. This is basically a product that can handle the latest in cybersecurity threats, which helps business owners rest easy knowing that their companies’ cybersecurity is in good hands,” added Llona.

“Secured Edge,” also offers other important features such as DNS filtering, content filtering, web filtering, VPN, port & IP network policies, intrusion prevention system, intrusion detection system, data loss prevention, antivirus and antispam. 

Liberty Business customers interested in obtaining “Secured Edge” should call (787) 963-1000 or visit https://business.libertypr.com/.

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About Liberty Puerto Rico:

Liberty Puerto Rico is a subsidiary of Liberty Latin America and has approximately 765,400 RGUs as of June 30, 2019 in 75 municipalities in the eastern, central, northern southern and western regions of Puerto Rico. For more information, please visit www.libertypr.com.

About Liberty Latin America

Liberty Latin America is a leading telecommunications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil, BTC, UTS and Cabletica. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects over 40 markets in the region.

Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols "LILA" (Class A) and "LILAK" (Class C), and on the OTC link under the symbol "LILAB" (Class B). For more information, please visit www.lla.com.

LIBERTY BUSINESS STRENGTHENS THE OFFERING OF SPECIALIZED SOLUTIONS FOR MID AND LARGE ENTERPRISES

The new positioning is a result of Liberty Business’ strategic union with C&W Business Puerto Rico.

SAN JUAN, PUERTO RICO, June 19, 2019 – Liberty Business, the business market division of Liberty Puerto Rico, announced the completion of its integration with C&W Business Puerto Rico. As a result, the company is in a stronger position to provide end-to-end IT and telecommunications solutions aimed at mid and large companies. 

Both Liberty and C&W Business Puerto Rico, which previously operated on the island as Columbus Networks Puerto Rico, are part of Liberty Latin America, a leading telecommunications company with operations in over 20 countries across Latin America and the Caribbean, and a subsea and terrestrial fiber optic cable network that connects over 40 markets in the region. 

“The strategic decision to combine these two operations in Puerto Rico brings a new level of sophistication in technology and connectivity available to all types of businesses across the island,” said Antonio Llona, vice president of Liberty Business. “C&W Business Puerto Rico fast-tracked the way for us to provide technology solutions that are custom tailored for mid and large business companies, in addition to personnel specializing in advanced managed Internet services, security and disaster recovery, to name a few. We have a solid infrastructure through a fiber optic network and multiple data centers, a highly trained workforce, local customer-centric support, and the added experience and support of Liberty Latin America.”

Now that C&W Business Puerto Rico has been integrated into the Liberty Business operation, the company is launching five new products: managed network, managed Wi-Fi, managed security, cloud PBX, and business continuity. 

Liberty Business has a local, complete and dedicated B2B technical operations team to design, implement, and service the customers. The members of this team are highly trained, knowledgeable and carry numerous specialized certifications.

According to Llona, Liberty Business has experienced double-digit growth over the past five years and over 10 percent annually. “Our market participation is now stronger, thanks to our union with C&W Business Puerto Rico. We are now poised to serve a larger share of Puerto Rico’s businesses and provide them with more sophisticated solutions, delivered through a proven and solid fiber optic network,” concluded Llona.

For more information on Liberty Business’ new solutions and services, call (787) 963-1000

or visit https://business.libertypr.com/.

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About Liberty Puerto Rico:

Liberty Puerto Rico is a subsidiary of Liberty Latin America and has approximately 760,300 RGUs as of March 31, 2019 in 75 municipalities in the eastern, central, northern southern and western regions of Puerto Rico. For more information, please visit www.libertypr.com 

About Liberty Latin America 

Liberty Latin America is a leading telecommunications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil, BTC, UTS and Cabletica. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects over 40 markets in the region. 

Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols "LILA" (Class A) and "LILAK" (Class C), and on the OTC link under the symbol "LILAB" (Class B). For more information, please visit www.lla.com

LIBERTY PUERTO RICO RECOGNIZED WITH WORKPLACE AWARD FROM AMERICAN PSYCHOLOGICAL ASSOCIATION

The company was recognized for promoting employee well-being and performance.

SAN JUAN, PUERTO RICO – April 22, 2019 — The American Psychological Association (APA) recently awarded Liberty Puerto Rico with its 2019 Psychologically Healthy Workplace Award. One of only eight employers from across the United States and Canada to receive the distinction this year, Liberty won in the medium for-profit category, thanks to its efforts to create a healthy, high-performing work environment. 

The Psychologically Healthy Workplace Award recognizes employers who implement workplace practices, backed by psychological science, that advance employee health and well-being while increasing performance and productivity. 

“It is an honor for us to receive this award and to join past recipients that are long admired and respected,” said Jazmín Castro, human resources director at Liberty Puerto Rico. “The journey to promote employee health and well-being while supporting organizational performance, has not been an easy one. The key to our success has been our commitment to our people, caring about what they have to say and acting on it. We strongly believe that our employee experience impacts our customer experience and without a doubt our company’s growth is proof of that.”

Liberty implemented programs to foster employee involvement, health and safety, employee growth and development, work-life balance and employee recognition. These programs include Wise & Well with Liberty, a comprehensive wellness program dedicated to nutrition, health screenings, smoking cessation, fitness, mental health and community involvement. 

Liberty’s psychologically healthy workplace practices have reaped rewards for both the organization and its employees. The retention rate for new hires is 85 percent after one year, turnover is less than 10 percent and employee referrals jumped 20 percent, as staff encourage other high-performing individuals to join the company.

“Employees notice when an organization legitimately cares about their well-being and are more likely to be satisfied with their jobs, committed to the organization and motivated to do their best,” says David W. Ballard, PsyD, MBA, head of APA’s Psychologically Healthy Workplaces program and its Office of Applied Psychology, which hosts the annual awards. “Organizations like Liberty Puerto Rico recognize the importance of creating a work environment where employees and the organization can thrive.” 

Liberty received the APA Psychologically Healthy Workplace Honors in the fall of 2018, qualifying it for APA award consideration. The telecom company was among 23 companies, nonprofits and government agencies throughout the United States and Canada that implement workplace practices that encourage good organizational outcomes and employees’ own well-being. Out of that pool of 23 finalists, eight companies received the award. Liberty Puerto Rico was the only company in Puerto Rico recognized with this distinction. 

Liberty Puerto Rico received the same distinction locally through the Puerto Rico Psychological Association, which was awarded during the organization’s annual convention held in November 2018. Liberty was also the only local company to receive this honor last year.

The APA’s Psychologically Healthy Workplace Honors is an annual award program for employers in the United States and Canada.  Participating employers are evaluated on their efforts in employee involvement, work-life balance, employee growth and development, health and safety and employee recognition.

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About Liberty Puerto Rico:

Liberty Puerto Rico is a subsidiary of Liberty Latin America and has approximately 738,600 RGUs as of December 31, 2018 in 75 municipalities in the eastern, central, northern southern and western regions of Puerto Rico. For more information, please visit www.libertypr.com 

About Liberty Latin America 

Liberty Latin America is a leading telecommunications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil, BTC and Cabletica. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a sub-sea and terrestrial fiber optic cable network that connects over 40 markets in the region.

Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols "LILA" (Class A) and "LILAK" (Class C), and on the OTC link under the symbol "LILAB" (Class B). For more information, please visit www.lla.com

About the American Psychological Association:

The American Psychological Association, in Washington, D.C., is the largest scientific and professional organization representing psychology in the United States. APA's membership includes more than 118,400 researchers, educators, clinicians, consultants and students. Through its divisions in 54 subfields of psychology and affiliations with 60 state, territorial and Canadian provincial associations, APA works to promote the advancement, communication, and application of psychological science and knowledge to benefit society and improv

LIBERTY WINS SPEEDTEST AWARD FOR 2018 FASTEST FIXED NETWORK IN PUERTO RICO BY OOKLA FOR A SECOND YEAR IN A ROW

The company significantly increased its Speed Score from last year

SAN JUAN, PUERTO RICO – April 15, 2019 – For the second year in a row, Liberty Puerto Rico has received the 2018 Speedtest Award™ as Puerto Rico’s Fastest Fixed Network. Liberty won the title with a Speed Score™ of 47.08, which is well above Liberty’s 29.98 Speed Score last year and that of other Internet Service Providers (ISPs) on the island. 

Liberty also achieved top download and upload speeds of 115.04 Mbps and 14.74 Mbps, respectively. The Speedtest Award is based on analysis by Ookla® of 2,184,055 tests taken with Speedtest® which were carried out by consumers in Puerto Rico during the last six months of 2018. 

“Winning Ookla’s Speedtest Award as the internet provider in Puerto Rico with the fastest fixed network for the second year in a row is a validation of all the hard work that we have carried out to upgrade our network in recent years, even before the hurricanes hit Puerto Rico,” said Naji Khoury, president and CEO of Liberty Puerto Rico. “After the hurricanes, we increased our efforts to optimize our broadband network so we could provide higher Internet speeds, capacity and consistency, and thus accommodate our customers’ growing demand for bandwidth. Receiving this distinction for a second time means we are headed in the right direction.”

Speedtest Award winners are determined using a Speed Score that incorporates a measure of each provider’s download and upload speeds to rank network speed performance. Because most of the data transferred over the internet involves downloading, 90 percent of the final Speed Score is attributed to download speed and the remaining 10 percent to upload speed. 

The Speed Score uses a modified trimean to demonstrate the download and upload speeds that are available across a provider’s network. Ookla takes speeds from the 10th percentile, 50th percentile (used as the median) and 90th percentile, then combines them in a weighted average using a 1:2:1 ratio, respectively. Ookla places more emphasis on the median because that is the speed most customers experience on a daily basis. 

“Customers’ demand for bandwidth today is increasing, as their use and the number of electronic devices grows, be it for entertainment or work purposes,” comments Waldo Hooker, vice president of Customer Experience of Liberty Puerto Rico. “To deliver innovative products and services, we need to provide our customers with a fast and reliable Internet connection. We are proud of achieving this recognition for a second year in row and we will continue working hard to offer our customers the most reliable Internet service in our market.” 

“At Ookla, we are pleased to recognize Liberty Puerto Rico as the ISP with the Fastest Fixed Network in Puerto Rico for a second year in a row,” said Jamie Steven, executive vice president of operations at Ookla“Liberty not only showed an outstanding ISP performance during Q3-Q4 2018, but also surpassed their Speed Score from the prior year by a significant margin.” 

Speedtest by Ookla users perform a Speedtest that measures the performance of both fixed and mobile operators, then the results are analyzed and reported by Ookla. The awards are only issued to top providers in the country. To see more on the Speedtest Award results for Puerto Rico, go to https://www.speedtest.net/awards/puerto_rico/2018?award_type=isp&time_period=q3-q4. 

Speedtest® by Ookla is considered the dominant global leader in internet performance, testing and metrics. The technology enables it to provide accurate and unbiased internet performance readings, which empowers consumers worldwide to check and troubleshoot their Internet speeds. Ookla is the global leader in fixed broadband and mobile network internet speed testing applications, data and analysis. More than 10 million tests are initiated each day across all Speedtest platforms, with over 23 billion completed to date. This gives Ookla the most comprehensive analytics on worldwide internet performance and accessibility. 

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About Liberty Puerto Rico:

Liberty Puerto Rico is a subsidiary of Liberty Latin America and has approximately 738,600 RGUs as of December 31, 2018 in 75 municipalities in the eastern, central, northern southern and western regions of Puerto Rico. For more information, please visit www.libertypr.com 

About Liberty Latin America 

Liberty Latin America is a leading telecommunications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil, BTC and Cabletica. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a sub-sea and terrestrial fiber optic cable network that connects over 40 markets in the region.

Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols "LILA" (Class A) and "LILAK" (Class C), and on the OTC link under the symbol "LILAB" (Class B). For more information, please visit www.lla.com.

Liberty Puerto Rico received the 2017 Speedtest Award as the fastest Internet network in Puerto Rico

SAN JUAN, PUERTO RICO - May 25, 2018 - Liberty Puerto Rico received the 2017 Speedtest Award as the fastest Internet network in Puerto Rico. Liberty won the title with a Speed ​​Score of 29.98, well above other Internet service providers on the Island. Liberty also achieved maximum speeds to download and upload data of 62.80 Mbps and 9.31 Mbps respectively. The award is based on an Ookla® analysis of 1,343,980 speed tests that consumers did during the last six months of 2017.

"Even with the challenges we face from hurricanes Irma and Maria, our company has always been at the forefront in terms of speed and stability of the Internet," said Naji Khoury, president and chief executive officer of Liberty Puerto Rico. “We have been investing in our infrastructure and updating it to be able to provide a greater range of speeds and more advanced products that will improve the digital experience of our customers. This distinction is proof that these efforts have paid off. ” 

The winners of the Speedtest Awards are determined using a score that incorporates a measure of the speeds to upload and download information from each provider to classify the performance of network speeds. Since most information transfers involve downloading data, 90 percent of the final speed score is attributed to the speed to go down and the remaining 10 percent to the speed to go up.

The Speed ​​Score uses modified trimedia to demonstrate the speeds for downloading and uploading information that are available on a provider's network. Ookla takes velocity of the tenth, fifty (used as the median) and ninety percentile, and combines them on an average using a ratio of 1: 2: 1, respectively. Ookla puts more emphasis on the median since this is the speed that most customers experience daily. 

“When it comes to the Internet offer, Liberty is the provider that offers the most innovative and most valuable products in Puerto Rico,” said Waldo Hooker, Vice President of Customer Experience at Liberty Puerto Rico. "Providing a fast and reliable Internet connection has always been crucial for us and we cannot be more proud to have this recognition of Ookla."

“We are very pleased to present Liberty Puerto Rico with the prize as the fastest Internet Network in Puerto Rico. This recognition is a testament to his exceptional performance in the third and fourth quarters, based on Ookla's rigorous analysis of consumer-initiated tests through Speedtest, ”said Jamie Steven , executive vice president of operations at Ookla . 

Speedtest users by Ookla do speed tests of fixed and mobile Internet service providers, and then the results are analyzed and reported by Ookla. Prizes are awarded only to suppliers with the highest score in the country. To see the results of Puerto Rico, visit http://www.speedtest.net/awards/pr/isp/2017 . 

Speedtest by Ookla is considered the global leader in Internet performance tests and metrics. The technology allows you to provide accurate and unbiased readings of Internet performance, which empowers consumers around the world to verify and fix their Internet speeds. Ookla is a global leader in applications, data and analysis to test speeds in the fixed and mobile Internet networks. Every day over 10 million tests are done across all Speedtest platforms, with almost 20 billion completed to date. This gives Ookla the most complete analysis on the performance and accessibility of the Internet in the world. 

About Liberty Puerto Rico:

Liberty Puerto Rico is a subsidiary of Liberty Latin America Ltd. and has approximately 723,000 service units subscribed as of March 31, 2018 in 76 municipalities in the east, center, north, south and west of Puerto Rico. For more information, visit www.libertypr.com .

About Liberty Latin America:

Liberty Latin America Ltd. (“Liberty Latin America”) is a leading telecommunications company with operations in over 20 countries throughout Latin America and the Caribbean under the VTR, Flow, Liberty, Más Móvil and BTC brands. The communications and entertainment services we offer to our residential and business clients in the region increasingly include combinations of digital video services, broadband Internet, telephony and mobile services. Our business products and services include connectivity for companies, data centers, hosting, and managed solutions, as well as information technology solutions with clients ranging from small and medium enterprises to international companies and government agencies. Further, 

Liberty Latin America has three separate classes of common shares that are traded on the NASDAQ Global Select Market under the symbols "LILA" (Class A) and "LILAK" (Class C), and on the OTC Link under the symbol "LILAB" (Class B). 

For more information, visit www.lla.com . 

LIBERTY CONTINUES TO INVEST IN ITS NETWORK INFRASTRUCTURE AND JOBS

The company continues to expand its coverage area, making multiple improvements to its network and contributing to Puerto Rico’s development 

SAN JUAN, PUERTO RICO, April 24, 2017 – Liberty Puerto Rico continues its expansion and service improvements program, adding thousands of new homes to its coverage area and increasing its bandwidth to 1.2 GHz. These efforts will expand broadband internet access in Puerto Rico and improve the island’s telecommunication platform - crucial factors for socioeconomic development. 

To date, Liberty Global, Liberty’s parent company and the largest international TV and broadband company in the world, has invested billions of dollars in similar types of projects across Europe, the Caribbean and Latin America. The combination of higher bandwidth and the latest in DOCSIS technology leads to higher Internet broadband speeds, in addition to higher network service stability and reliability. 

In 2017, Liberty plans to add approximately 25,000 homes to its coverage area. The highest impact areas include the municipalities of Morovis, Naranjito, San Sebastián, Las Piedras, Salinas, Patillas, Corozal, Hatillo, Bayamón, Carolina, Guaynabo and, later this year, Maricao, the only municipality in the main island that was not previously covered by Liberty. These new homes would join the other 30,000 that Liberty has added since 2015. 

“Through these projects, we are providing equal access to urban as well as barrios and rural areas, and providing Puerto Ricans the same opportunity to have access to broadband Internet regardless of their socioeconomic level,” commented Naji Khoury, president and CEO of Liberty. “Broadband Internet is a very important tool for economic development and a better quality of life. Making this service available for everyone is essential for Puerto Rico’s recovery and economic development.”

At the same time, Liberty has been making improvements in its existing infrastructure through its 1.2 GHz project. This will provide all homes in the expansion project broadband speeds of up to 400 Mbps. This initiative began in 2015, along with the new build project, in Puerto Rico’s eastern region and has been gradually expanding westward. Among the municipalities that are already enjoying this service are Caguas, Luquillo, Fajardo, Ceiba, Loíza, Naguabo, Humacao, Yabucoa, Gurabo, Juncos and Las Piedras. Upgrades in the entire island should be completed in the next three years. 

The bandwidth upgrade will give all these homes a state-of-the art connection that will provide an Internet service with less congestion and higher speeds. This will not only accommodate a growing demand for this service, but also facilitate the use of multiple electronic devices without sacrificing bandwidth or speed. In addition, subscribers will also have access to more digital channels and On Demand options. 

Crews in most of the new build zones are using a procedure called Fiber Deep, in which fiber optic cables are installed closer to the homes. This means that customers in these areas will have higher speeds and a more stable and consistent broadband Internet signal. 

The new build zones and bandwidth upgrade are part of the improvements that Liberty Puerto Rico has been implementing to offer the best customer experience possible. In Netflix’s March 2017 report (https://ispspeedindex.netflix.com/country/us/?small=True), Liberty Puerto Rico was ranked as the best Internet provider in Puerto Rico and 20th among all Internet providers in the United States.

The company is investing in its facilities, opening new service centers, remodeling offices and increasing its technical services vehicle fleet. In addition, the company continues to hire and train Puerto Rican professionals, sustaining 947 direct jobs, outsourcing approximately 461 people, and generating approximately 1,500 indirect jobs in Puerto Rico. This year, Liberty will hire 40 additional employees. 

Last year, Liberty started to offer 24-hour customer service and technical service appointments seven days a week. The company also implemented several efficiencies to reduce wait time for technical service appointments, at-store service, and customer representative calls. Liberty also expanded its customer service options with Liberty Alerts, through which customers can carry out several service options such as checking balances, receiving statement alerts and payment reminders, verifying if there are any service outages in their coverage area, and confirming technical service appointments. 

About Liberty Puerto Rico:

Liberty Puerto Rico is a subsidiary of Liberty Global and has approximately 799,000 RGUs in 75 municipalities in the eastern, central, northern southern and western regions of Puerto Rico. For more information, please visit www.libertypr.com 

Liberty Puerto Rico to buy Choice Cable for $272.5M

Liberty Cablevision of Puerto Rico LLC announced Wednesday that affiliates of its indirect majority shareholder, Liberty Global and its indirect minority shareholder, Searchlight Capital Partners, L.P., have entered into an agreement to acquire 100 percent of the parent of Puerto Rico Cable Acquisition Company Inc., which does business as Choice Cable TV.

This transaction is worth approximately $272.5 million, Liberty officials said.

Choice is the largest combined cable TV, Internet and telephony services provider in southern and western Puerto Rico. Its headquarters are located in Ponce and its network covers the municipalities of Quebradillas, Isabela, Aguadilla, Moca, Aguada, Rincón, Añasco, Las Marías, Mayagüez, Hormigueros, Cabo Rojo, San Germán, Lajas, Sabana Grande, Guánica, Yauco, Guayanilla, Adjuntas, Peñuelas, Ponce, Jayuya, Juana Díaz, Villalba, Coamo, Santa Isabel, Salinas, Guayama, Arroyo, Patillas, and Maunabo.

Upon completion of the transaction — expected to in the first half of 2015 — the combined network will reach more than 80 percent of Puerto Rican homes, and the combined business will serve more than 700,000 revenue generating units and generate more than $380 million of annual revenue, Liberty executives said.

“Choice customers will benefit from the Liberty brand, which will provide them access to cutting edge technology and services on par with other markets around the world,” said Naji Khoury, president of Liberty Puerto Rico. “This will also place us in a better position to face our competition on an island-wide basis.”

Mauricio Ramos, president of Liberty Global Latin America said, “The acquisition is a renewed indication of our commitment to Puerto Rico. Our investments since our last acquisition in Puerto Rico have clearly benefited the public, particularly in data speed performance.”

“If the transaction is approved by applicable regulatory agencies and completed, Choice customers will be able to enjoy Liberty Puerto Rico’s product offerings, which include Internet speeds of up to 100 Mbps to download and 4Mbps to upload, [more than] 100 High Definition channels, up to 300 digital channels, an attractive balance of English and Spanish-language programming, plus video, Internet and telephony bundles at competitive prices,” he said.

This transaction is subject to customary closing conditions, including regulatory approvals, including obtaining franchise rights from the Puerto Rico Telecommunications Regulatory Board.

In the meantime, both companies will operate independently. Once the transaction is completed, the new combined business will operate as Liberty Puerto Rico and will launch an educational campaign for Choice customers to keep them informed of the integration process.

If consummated, Liberty would compete head-on with Claro’s IPTV service, and satellite service providers Dish Network and DirecTV.