Under the terms of the agreement, Cable One will hold a minority equity interest in Hargray once the deal closes sometime in Autumn, following regulatory approvals.
"At a time when reliable, high-speed Internet access has never been more essential to enable people and communities to connect and thrive, we are pleased to add the Alabama assets of Cable One to our growing portfolio," said Michael Gottdenker (pictured), chairman and CEO of Hargray.
"We look forward to building upon Cable One's network investments to deliver premium communications products and solutions to homes and businesses in Anniston, Jacksonville, Oxford, and the surrounding communities."
The collaboration will add residential and commercial customers to Hargray's business in the south eastern US and will expand Hargray's presence in Alabama where the company already serves Pell City which it neighbours.
"In the markets we serve, we take seriously our opportunity and obligation to invest in the local community,” added David Armistead, senior vice president of Hargray Communications.
“We intend to retain Cable One's local colleagues and will become involved in the community to deliver the same robust suite of residential and commercial services and exceptional customer support we are known for in nearby Pell City, Alabama and across Georgia, Florida, and South Carolina."
Hargray will build upon Cable One's existing network investments and provide next-gen products and services to homes.
In addition, businesses will also enjoy enhanced data, voice, and video services, including hosted unified communications, metro-ethernet, symmetrical and asymmetrical Internet, and video services customised for various commercial applications.
"We believe Hargray, whose values mirror our own, will be an excellent fit for the Anniston community. Hargray will be able to use its regional scale to further invest in the Anniston market while continuing to provide Anniston customers with the latest technological advancements and the highest level of customer care," said Julie Laulis, president and CEO of Cable One.
"Additionally, and as a result of this transaction, Cable One will have the opportunity to share in Hargray's growth while increasing our opportunities for continued investment."
Hargray is owned by a long-term investor group led by The Pritzker Organization, the merchant bank for the Tom Pritzker family.
In addition to The Pritzker Organization, the investor group currently includes Stephens Capital Partners, Redwood Capital Investments, WaveDivision Capital, and management.
