Stonepeak completes $8.1bn acquisition of Astound Broadband
Investment firm Stonepeak confirms the completion of its $8.1 billion acquisition of Astound Broadband (Astound).
As the sixth largest US cable operator Astound operates regional providers RCN, Grande Communications (Grande), Wave Broadband (Wave) and enTouch Systems (enTouch).
“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,” said Jim Holanda, CEO of Astound Broadband.
“We look forward to working together to invest in our network, continuing to enhance our product and services, and capitalise on exciting growth opportunities.”
Astound, led by the Patriot Media management team, offers gigabit speeds serving eight of the top ten largest metro areas in the US. RCN, Grande, Wave and enTouch together serve over one million customers with 23,000 miles of fibre across Chicago, Eastern Pennsylvania, Massachusetts, New York City, Northern California, Oregon, Texas, Washington, DC, and Washington state.
“As we continue to expand our platform, our core objectives remain aligned to deliver exceptional service to our customers and communities, a best-in-class experience for our employees, outstanding results for our investors, and top tier growth,” said Steve Simmons, Patriot Media chairman and industry veteran.
Since news of the deal with Stonepeak in November 2020, Astound has inked two additional deals, the first being the acquisition of WideOpenWest’s Chicago, Indiana, and Maryland markets, and the acquisition of Harris Broadband, a provider of fibre to the home services across central Texas.
“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,” said Brian McMullen, senior managing director at Stonepeak.
“Broadband plays a critical role in today’s economy and society, particularly as the need for faster speeds and greater coverage continues to grow. We are excited to close this transaction and to continue working with Jim, Steve and the Patriot Media team to further accelerate Astound’s growth and provide greater access to critical digital infrastructure across the country.”