PRINCETON, N.J., 3rd Nov 2020– Stonepeak, a private equity firm specializing in infrastructure investing acquire Astound Broadband (Astound), the sixth-largest U.S. cable operator for $8.1 billion.
Stonepeak will acquire the company from TPG Capital and Patriot Media Management.
The transaction is expected to close in the second quarter of 2021 and is subject to customary closing conditions, including regulatory approvals.
Stonepeak is partnering with Patriot Media, the industry-leading management team headed by Steve Simmons and Jim Holanda that currently manages Astound.
The company is a premier broadband provider offering internet, entertainment, communications, connectivity, and fiber infrastructure solutions for residential customers and businesses of all sizes.
The company has built modern, top-quality, high-speed communications infrastructure networks that offer gigabit speeds serving eight of the top ten largest metro areas throughout the United States.
RCN, Grande, Wave and enTouch serve over one million customers with 23,000 miles of fiber across Chicago, Eastern Pennsylvania, Massachusetts, New York City, Northern California, Oregon, Texas, Washington, DC., and Washington.
As part of the partnership with Stonepeak, Patriot Media will continue to invest significantly in the network and in technology, enabling the company to expand and grow its fiber rich infrastructure, deliver gigabit per second high-speed data services and create the premier internet experience in their markets.