Stonepeak to Acquire Astound Broadband from TPG for $8.1 Billion

  • Grande Communications
  • RCN Telecom Services
  • Wave Broadband

PRINCETON, NJ — Stonepeak Infrastructure Partners, a private equity firm specializing in infrastructure investing, announced it has entered into a definitive agreement to acquire Astound Broadband, the sixth largest U.S. cable operator in the United States that operates regional providers RCN, Grande, Wave and enTouch. Stonepeak will acquire the company from TPG Capital and Patriot Media Management for $8.1 billion. The transaction is expected to close in the second quarter of 2021 and is subject to customary closing conditions, including regulatory approvals.

Stonepeak is partnering with Patriot Media, the management team headed by Steve Simmons and Jim Holanda that currently manages Astound. The company is a broadband provider offering internet, entertainment, communications, connectivity and fiber infrastructure solutions for residential customers and businesses of all sizes. The company has built modern, top-quality, high-speed communications infrastructure networks that offer gigabit speeds serving eight of the top ten largest metro areas throughout the United States. RCN, Grande, Wave and enTouch serve over one million customers with 23,000 miles of fiber across Chicago, Eastern Pennsylvania, Massachusetts, New York City,  Northern California, Oregon, Texas, Washington, DC., and Washington.

Patriot Media to Continue Investments in the Network

The company is at the forefront of the residential and business connectivity transformation, providing customers across the country with access to great high-speed broadband along with other innovative TV and phone services. As part of the partnership with Stonepeak, Patriot Media will continue to invest significantly in the network and in technology, enabling the company to expand and grow its fiber-rich infrastructure, deliver gigabit per second high-speed data services and create the premier internet experience in their markets.

Patriot Media has been involved with these brands for more than a decade, beginning with its management of RCN in 2010. The team has led the businesses, each of which operates under its respective name, through significant periods of growth.

Stonepeak’s investment in Astound reflects its strategy of partnering with leading management to support market leaders within digital infrastructure to enable growth oftentimes through incremental capital investment. Stonepeak has been an early and active investor in digital infrastructure, with multiple investments across the data center, fiber and wireless space.

 

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