SANTIAGO -- VTR SA, a Chilean telephone company, has agreed to sell its
stake in the country's biggest cable-television operator for $236.5 million to United
International Holdings Inc., as it unloads its assets in the telecommunications
VTR -- which is owned by Quinenco SA and SBC International Inc. -- gave
Denver, Colorado-based UIH the right to buy its two-thirds stake in VTR
Hipercable SA within the next 180 days, boosting UIH's stake to 100 percent.
The sale depends on UIH, which owns cable-television systems outside the
acquiring financing, Quinenco said. If the sale doesn't go through, a new ownership
agreement would boost UIH's stake to 40 percent. That's up from 34 percent as
of June 1997.
The sale would be the latest by VTR as it unloads its telephone and
cable-television operations after investing heavily this decade to build up its
presence in the country's competitive telecommunications market.
Copyright © 1998 The Miami Herald