According to Astound, the deal is the largest private equity acquisition in the United States so far this year, and it is the largest cable company transaction since 2015.
The sixth-largest cable operator in the United States, Astound was also the parent company for other regional cable companies, such as RCN, Wave and enTouch. According to the release, Grande and the other acquired internet service providers serve more than a million customers across Texas, Illinois, Pennsylvania, Massachusetts, New York, California, Oregon, Washington and Washington, D.C.
The deal is expected to close in the second quarter of 2021, the release stated, and is still pending while closing conditions and regulatory approvals are met.
“Astound is the premier operator of critical broadband infrastructure in the United States with a long history of delivering market leading customer service and network performance to communities across the country," said Brian McMullen, a partner at Stonepeak. "In our increasingly connected society, we believe there is an extraordinary opportunity to deliver faster speeds and greater coverage, fundamentally enabling many aspects of everyday life.”
Stonepeak has partnered with Patriot Media, which currently manages Astound, to expand and grow its infrastructure, and deliver gigabit data services.
“As we continue to grow our platform, our core objectives remain the same: to deliver exceptional service to our customers and communities, a best-in-class experience for our employees and outstanding results for our investors,” Patriot Media Chairman Steve Simmons said. “Our mission and management vision are aligned with Stonepeak, and we very much look forward to our partnership with them.”