HICKS, MUSE BUYS STAKE
IN ARGENTINE MEDIA FIRMDALLAS - Leveraged buyout firm Hicks, Muse, Tate & Furst Inc. expanded its reach in Latin America by taking a $700 million stake in an Argentine affiliate of Citicorp that has large media holdings.
Hicks, Muse already has $1.2 billion in investments and potential investments in Latin America.
The buyout firm said it would buy stock in CEI Citicorp Holdings from two major CEI shareholders, Citicorp's Citibank and Los W, a company controlled by the Werthein family of Argentina.
CEI, which has also filed to list American depositary receipts on the New York Stock Exchange, is an Argentine industrial holding company that spent hundreds of millions of dollars last year turning itself into a multimedia concern.
Argentine partners of the Texas-based fund say Hicks, Muse is the second-largest private investment fund in the United States.
GTE GROUP TO CONTROL
PUERTO RICO TELEPHONE
NEW YORK - A consortium led by GTE Corp. agreed to pay $375 million for a controlling interest in government-owned Puerto Rico Telephone Co.
The deal was the largest in a series of privatizations that transferred government-owned hotels, hospitals, prison and the state shipping company to the private sector. It remains subject to regulatory approvals.
The deal, expected to close late this year, will generate total proceeds of about $1.875 billion for the Puerto Rican government, consisting of $375 million from the sale of the majority stake and $1.5 billion in a special dividend.