Dallas investment company Hicks, Muse, Tate & Furst Inc. said Tuesday it has agreed to buy a cable television company in Puerto Rico for $155 million in cash.
Centennial Puerto Rico Cable TV Corp. has 73,000 cable television subscribers and 5,000 high-speed Internet customers in southern and western parts of the island, including the cities of Ponce and Mayaguez.
The deal, subject to regulatory approval, is expected to close early next year.
Hicks Muse believes Centennial has ''significant growth potential'' if it provides outstanding customer service, offers a wide selection of video channels and strong high-speed data service, said Peter S. Brodsky, a partner in the Dallas firm.
Brodsky said cable executives from other Hicks Muse companies would work with Centennial's management on an interim basis. Hicks Muse has now bought 11 cable companies since it acquired Marcus Cable in 1995.
The investment firm has about $11 billion under management. Chairman Thomas O. Hicks, who also owns the Texas Rangers baseball team and Dallas Stars hockey club, said in March that he would retire next year and be succeeded by John R. Muse.
Centennial is a wholly owned subsidiary of Centennial Communications Corp., based in Wall, N.J.
Centennial Communications shares rose 27 cents, or 5.1 percent, to close at $5.55 Tuesday on the Nasdaq Stock Market.
Hicks Muse to buy cable company in Puerto Rico
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Name:
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