Comcast buys out op for $750 mil

Company purchases 45% of partnership it doesn't own

NEW YORK — Comcast will lay out $750 million in cash to buy the 45% it doesn’t already own in a cable-operator partnership that serves 642,000 subscribers in Detroit, northern New Jersey and Fort Lauderdale, Fla.

The 45% stake in the partnership, called Comcast MHCP Holdings, was owned by Calpers (the California Public Employees’ Retirement System), the largest public pension fund in the U.S., with assets of about $155 billion.

Comcast, the third biggest multisystem cable operator, formed the joint venture with Calpers in December 1994 to buy the U.S. cable systems owned by Maclean Hunter Ltd. At the time, Calpers put up $250 million for the 45% stake.

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