Liberty Latin America Ltd. acquired the remaining 40% stake in Liberty Cablevision of Puerto Rico LLC from funds affiliated with Searchlight Capital Partners LP in exchange for 9.5 million Liberty Latin America class C shares.

Liberty Latin America owns 100% of Liberty Cablevision of Puerto Rico, according to an Oct. 17 news release. The transaction is expected to be accretive on a free-cash-flow per-share basis for Liberty Latin America shareholders.

"We are pleased to announce this transaction, which reflects the confidence in our Puerto Rican management team and affirms our commitment to Puerto Rico as our business there recovers strongly following a difficult period for the island," Balan Nair, president and CEO of Liberty Latin America, said in a statement, referring to the aftermath of Hurricane Maria.

Liberty Latin America is a telecommunications company operating in more than 20 countries across Latin America and the Caribbean.