US ISP Wide Open West (WOW! Internet, Cable & Phone) has announced the completion of the sale of its Cleveland and Columbus, Ohio service areas to Atlantic Broadband, a subsidiary of Cogeco Communications for USD1.125 billion. From this sale, WOW! expects to use approximately USD1.0 billion in net proceeds to pay down a portion of the company’s debt.
Atlantic Broadband notes that the acquired broadband systems passed approximately 688,000 homes and businesses in Cleveland and Columbus as of 31 March 2021. At that date the Ohio systems served around 196,000 internet, 61,000 pay-TV and 35,000 voice telephony customers.
The transaction with Atlantic Broadband is one of two separate, previously announced agreements for WOW! to sell a total of five service areas for gross proceeds of USD1.8 billion. WOW!’s other agreement to sell its Chicago, Evansville, Indiana, and Anne Arundel, Maryland, service areas to Astound Broadband for USD661 million remains on track to close in the fourth quarter of 2021.