Cable One, Inc. (NYSE: CABO) has agreed to acquire NewWave Communications for USD 735m in cash, the company said.
NewWave is owned by funds affiliated with GTCR LLC, a leading private equity firm based in Chicago.
NewWave is a cable operator providing high-speed data, video and voice services to residential and business customers throughout non-urban areas of Arkansas, Illinois, Indiana, Louisiana, Mississippi, Missouri and Texas.
NewWave´s network passes nearly 428,000 homes and has more than 214,000 residential primary service units and 31,000 business PSUs. NewWave is headquartered in Sikeston, Missouri.
The transaction is expected to be financed with USD 650m of senior secured loans and cash on hand. The transaction is subject to customary regulatory closing conditions and is expected to be completed during the second quarter of 2017.
J.P. Morgan acted as financial advisor, and Cravath, Swaine & Moore LLP acted as legal advisor to Cable ONE on this transaction.
Cable One serves more than 650,000 customers in 19 states with high-speed Internet, cable television and telephone service, Cable ONE provides consumers with a wide range of the latest products and services, including wireless Internet service, high-definition programming and phone service with free, unlimited long-distance calling in the continental US.