Stonepeak Infrastructure wraps up $8.1bn acquisition of Astound Broadband
Alternative investment firm Stonepeak Infrastructure Partners has wrapped up its previously announced $8.1 billion acquisition of US cable operator company Astound Broadband.
Stonepeak Infrastructure Partners acquired the company from TPG Capital and Patriot Media Management. The deal was announced in late 2020.
Brian McMullen — Senior Managing Director at Stonepeak Infrastructure Partners said: “The acquisition of Astound marks Stonepeak’s second investment in residential broadband in North America and represents the largest asset in Stonepeak’s global communications portfolio, which includes eight digital infrastructure investments to date.
“Broadband plays a critical role in today’s economy and society, particularly as the need for faster speeds and greater coverage continues to grow.”
Astound Broadband is claimed to be the sixth largest cable operator in the US. The company operates regional providers such as RCN, Wave Broadband, Grande Communications, and enTouch Systems.
The US cable operator provides gigabit speeds to more than a million customers. Through its regional subsidiaries, Astound Broadband has laid 23,000 miles of fiber across Chicago, Massachusetts, Eastern Pennsylvania, New York City, Oregon, Northern California, Washington, DC., Texas, and Washington state.
Stonepeak Infrastructure wraps up $8.1bn acquisition of Astound Broadband. Photo courtesy of Daniel Dino-Slofer from Pixabay.
In June 2021, Astound Broadband had agreed to acquire the assets of WOW! Internet, Cable & Phone in Chicago, Evansville in Indiana, and Anne Arundel in Maryland for $661 million.
The following month, Grande Communications had signed a deal to acquire Harris Broadband, a provider of fiber-to-the-home services in areas of Central Texas.
Jim Holanda — CEO of Astound Broadband said: “Stonepeak’s experience building businesses and its commitment to helping companies grow make it the ideal partner as we continue to deliver high-performing broadband and provide exceptional service to our customers.
“We look forward to working together to invest in our network, continuing to enhance our product and services, and capitalize on exciting growth opportunities.”