Private-equity firms MidOcean Partners LLP and Crestview Partners said Monday that they have completed their acquisition of a 138,000-subscriber cable system in San Juan, Puerto Rico, for about $520 million.
The deal was first announced in June. As part of the new ownership of the company, a new name and branding initiative will be forthcoming, the private-equity firms said in a prepared statement.
The San Juan system -- formerly a joint venture between ML Media Partners LP and Adelphia Communications Corp. -- will be operated independently and will be headed by cable veteran Ron Dorchester as CEO. Dorchester was most recently CEO of Galaxy Cablevision.
Also co-investing with MidOcean and Crestview are AlpInvest Partners N.V. and Northwestern Mutual, two investors from MidOcean's fund.
ML Media was advised by Greg Ainsworth of Daniels & Co. and MidOcean and Crestview were advised by Townsend Devereux and Joe Duggan of DH Capital LLC. Adelphia was advised by Lazard Ltd.