New York-based private equity firm Crestview Partners said it has announced funds that it manages will acquire a significant stake in WOW!, a provider of high-speed Internet, cable TV, and phone services.
Under terms of the agreement, Crestview´s funds will purchase units held by Avista Capital Partners and other unitholders, and make a USD125 million primary investment in newly issued units.
The transactions are expected to close on or prior to December 31, 2015. Other financial terms were not disclosed.
Headquartered in Englewood, Colorado, WOW! offers services to both residential and commercial customers in communities in the Midwest and Southeast. Its networks extend approximately 33,000 plant miles, pass approximately three million households, and serve approximately 782,000 customers.
Credit Suisse acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to WOW! and Avista in connection with the transaction.
Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Crestview in connection with the transaction.
WOW! is a broadband providers, serving residential, business and wholesale customers in Illinois, Michigan, Indiana, Ohio, Kansas, Maryland and the Southeast.
Avista Capital Partners is a private equity firm with approximately USD6 billion under management and offices in New York, Houston and London. Founded in 2005, Avista makes investments in growth-oriented healthcare, industrial and communications businesses.
Founded in 2004, Crestview Partners is a private equity firm focused on the middle market. The firm is based in New York and manages funds with over USD7 billion of aggregate capital commitments.