Finance

Atlantic Broadband Closes MetroCast-Conn. Deal

$200 Million Deal Was Announced in June 8/20/2015 1:15 PM Eastern

Atlantic Broadband said Thursday that it has closed its purchase of MetroCast Communications of Connecticut, in a deal valued at about $200 million.

 

Atlantic Broadband first announced the deal in June.  The acquisition gives Atlantic Broadband and additional 23,000 TV, 22,000 Internet and 8,000 phone customers across nine communities in Eastern Connecticut. With the closing of the deal, Atlantic says it has about 246,000 video customers, making it the 12th largest cable operator in the country.

 

“With Eastern Connecticut’s strong demographics and MetroCast Connecticut’s well-maintained networks, this acquisition brings sizeable residential and business growth opportunities,” said Atlantic Broadband President and Chief Executive Officer, Richard Shea in a statement. “We are excited to welcome all Connecticut employees and I am also pleased to announce that Chap Hanley will be leading our Connecticut operations as Vice President & General Manager. Together, we look forward to delivering the best TV, Internet and Phone services along with even more responsive local support to all the communities we will now proudly serve in Eastern Connecticut.”

 

With the completion of this transaction, Atlantic Broadband, which was purchased by Canadian cable company Cogeco Cable in 2012, now has about 565,000 primary service units (PSUs) in five operating regions – Western Pennsylvania, Miami Beach, Maryland/Delaware, Aiken, S.C. and Eastern Connecticut.

 

“Nearly three years after our initial entry into the U.S. market, we are pleased to be continuing our geographic expansion into key growth markets,” said Cogeco Cable CEO Louis Audet in a statement. “This transaction enhances our growth profile through the planned launch of new residential services such as TiVo and Metro Ethernet for businesses.”

 

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