Stonepeak closes USD8.1bn Astound Broadband takeover

24 Aug 2021

Alternative investment firm Stonepeak has closed its previously announced USD8.1 billion acquisition of Astound Broadband – the holding company that encompasses regional operators RCN, Grande Communications, Wave Broadband and enTouch Systems. When combined, the ISPs rank as the sixth largest cable operator in the US, serving around one million customers.

Astound, which is led by the Patriot Media management team, offers gigabit speeds serving eight of the top ten largest metro areas throughout the US. The cablecos preside over 23,000 miles of fibre across Chicago, Eastern Pennsylvania, Massachusetts, New York City, Northern California, Oregon, Texas, Washington, DC., and Washington State.

Since the announcement of the transaction with Stonepeak in November 2020, Astound notes that it has continued to execute on strategic growth initiatives including signing two additional transactions that bolster the company’s capabilities in key markets: the acquisition of Wide Open West’s Chicago, Indiana, and Maryland markets, and the acquisition of Harris Broadband, a leading provider of fibre-to-the-home (FTTH) services across central Texas.

Going forward, Stonepeak says it will partner closely with the Astound management team ‘to continue this positive momentum as the company remains active across multiple growth areas, including organic network expansion, additional M&A opportunities and efforts to accelerate its residential and commercial segments’.