TPG Capital, the global private equity platform of alternative asset firm TPG, has announced that its US-based ISP businesses RCN Telecom and Grande Communications have closed the previously announced USD2.375 billion acquisition of Washington-based Wave Broadband. Wave is a regional cable provider that reaches 690,000 homes and more than 13,000 unique commercial clients in Washington, Oregon and California. Following the transaction’s closing, Wave will continue to operate as a branded entity, headquartered in Kirkland, Washington.
Back in August 2016 TPG entered into definitive agreements to acquire RCN (USD1.6 billion) and its sister company Grande Communications Networks (USD650 million) through separate transactions. The combination gave the business a presence spanning the East Coast, Chicago and Texas. The addition of Wave will expand RCN’s footprint to the West Coast.
TPG claims that the combined RCN-Grande-Wave business now ranks as the sixth largest cableco in the US.