McHugh Buys Miss. Systems from Galaxy
By Mike Farrell -- Multichannel News, 2/28/2002 5:47:00 AM
Cable-industry veteran Neil McHugh closed on his first cable-systems deal in nearly four years, agreeing to purchase properties in Mississippi with about 25,000 subscribers from Galaxy Communications Inc.
The systems are located in Oxford, New Albany, Booneville, Amory, Aberdeen and portions of Lee County.
Terms of the deal were not disclosed.
McHugh, who had been president of Vista Communications Inc., sold that company's last system to Charter Communications Inc. in 1998. But last year, he started a new cable venture called Vista III Media to acquire systems in the Southeast.
Vista III -- which is backed by Boston-based private-equity firm Boston Ventures -- had been negotiating with Galaxy on the systems since August.
Communications Equity Associates LLC senior vice presidents Ed Frazier and Brian Sweeney introduced the parties and advised on the transaction.
Galaxy, which filed for Chapter 11 bankruptcy protection in September, reached a deal with its bondholders later that same month to swap its debt for equity.
According to the deal, Galaxy bondholders -- mainly Romulus Holdings Inc., a New Rochelle, N.Y.-based investment fund -- received about 97 percent of Galaxy's equity.
No related content found.
Featured Company
-
Digital Rapids
Digital Rapids is the leading provider of professional hardware and software tools, technology and expertise for bringing video to wider audiences and new viewing platforms. Continuing to set new standards in quality, productivity and versatility, our solutions span the critical ..more
VIEW ALL GALLERIES
