Charter to Buy US Cable's Missouri Systems6/24/2011 11:04 AM Eastern
Charter Communications said Friday that it has acquired systems in Missouri from US Cable of Coastal Texas, for an undisclosed sum.
Charter, based in St. Louis, has about 5 million residential and business customers in 25 states. The US Cable properties have about 16,000 customers in Hannibal, Mexico and Moberly, Mo.
"Charter has a major presence in Missouri, serving customers in 25 counties, so these acquired systems - the Hannibal, Mexico and Moberly operations - have a strong geographic link with other communities Charter is serving in the state," Charter president of operations Steven Apodaca said in a statement. "With our headquarters located in St. Louis, Charter is pleased to have these cities become part of our largest regional systems, which furthers Charter's geographic clustering strategy."
The deal is expected to close in the third quarter. New York based cable investment banker Waller Capital served as exclusive financial adviser to US Cable.
US Cable of Coastal Texas is a partnership between Comcast Corp and private investors led by Stephen Myers. US Cable sold operations with about 33,000 subscribers in Minnesota and Wisconsin to Midcontinent Communications earlier this month. It continues to operate systems with about 30,000 customers in Colorado, Texas and New Mexico, which some observers said are close to a sale.