Colorado-based cable company Liberty Global Inc. says subsidiary LGI Broadband Operations and a private investment firm will buy OneLink Communications in Puerto Rico for $585 million to create the island's largest cable operator.

Liberty Global Inc. announced Tuesday that LGI will own 60 percent of the new company and the investment firm Searchlight Capital Partners will own the other 40 percent. Together, they will provide cable services to about 70 percent of homes in the U.S. territory.

Before the deal, OneLink served more than 347,000 homes and about 262,500 individual service subscribers. LGI anticipates serving 700,000 homes and 480,000 individual service subscribers after the merger is completed.