Cablestar to grab majority stake in Bestel
EmptyMEXICO CITY -- Televisa-owned Cablestar has agreed to buy a majority stake in Mexican telecom company Bestel for $325 million as its cable TV unit looks to expand its offering of triple-play services in Mexico and the U.S.
Under the agreement, Cablestar will pay $256 million in cash for a controlling stake in Bestel and invest an additional $69 million in capital, the Mexican media giant announced Friday. Cablestar is 70% owned by Televisa's cable unit, Cablevision.
Bestel provides data and long-distance services to other carriers in key Mexican cities and to several markets in Texas and California.
"The company is able to provide connectivity between Mexico and the United States, a key advantage," Televisa said.
The transaction requires regulatory approval.