WOW! offloads five cable systems to Atlantic, Astound; combined deals worth USD1.8bn

1 Jul 2021

US ISP WOW! Internet, Cable & Phone has entered into two separate definitive agreements to sell its Cleveland and Columbus service areas and its Chicago, Evansville and Anne Arundel service areas in a pair of deals totalling USD1.786 billion. Atlantic Broadband has agreed to acquire the Cleveland and Columbus markets in one transaction (worth USD1.125 billion), while in a separate transaction, Astound Broadband (the holding company that operates RCN, Grande Communications and Wave Broadband) has agreed to acquire the Chicago, Evansville and Anne Arundel service areas for USD661 million.

Upon completion of the transactions, WOW! will continue to serve its customers in 14 service areas in Alabama, Florida, Georgia, Michigan, South Carolina and Tennessee. On a pro forma basis as of 31 March 2021, the company would have served approximately 532,000 subscribers (506,000 broadband revenue generating units [RGUs]).

The deals are expected to close in the second half of the year and are subject to certain regulatory reviews and approvals and the satisfaction of other customary closing conditions.

United States, Astound Broadband, Atlantic Broadband, Wide Open West (WOW!)