Comcast to buy out CalPERS stake

In a move to consolidate its assets, Comcast will buy the 45 percent stake held by the California Public Employees' Retirement System in cable operator Comcast MHCP Holdings.

In a move to consolidate its assets, Comcast today said it will buy, for $750 million in cash, the 45 percent stake held by the California Public Employees' Retirement System in cable operator Comcast MHCP Holdings.

Comcast MHCP was formed in December 1994 in order to purchase the domestic cable operations of Maclean Hunter. At the time, Comcast took a 55 percent stake, and the California Public Employees' Retirement System (CalPERS) took a 45 percent stake in the partnership.

Comcast has managed the cable system since that time, serving about 642,000 subscribers in parts of Michigan, New Jersey and Florida.

By taking CalPERS' stake, Comcast will take 100 percent ownership of the entity. The transaction is subject to customary conditions, including regulatory approval. The closing is expected in the first quarter of 2000.

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