Charter Completes Optimum West AcquisitionFormer Bresnan Systems Have 300K Subs, Pass 660K Homes 7/01/2013 10:24 AM Eastern
Charter Communications said Monday that it has completed its $1.625 billion acquisition of Cablevision System’s Optimum West division, a deal that will bring the mid-market MSO 375,000 additional residential and business customers in Colorado, Montana, Wyoming and Utah.
Charter had agreed to buy the properties, formerly Bresnan Communications, back in February. The systems pass about 660,000 homes in the four states.
“With the completion of our acquisition of Optimum West, Charter welcomes new customers, new employees and new communities,” said Charter CEO Tom Rutledge in a statement. “These former Bresnan properties, which under Cablevision’s leadership became some of the fastest growing cable properties in the United States, are an ideal fit for Charter, and we anticipate a smooth and efficient integration process.”
Charter funded the acquisition of Optimum West with $1.5 billion of committed bank financing to Charter Communications Operating, LLC, and liquidity from cash on hand and its revolving credit facility.
“We are very grateful to our Optimum West team and proud of the substantial progress we made in growing the business while it was a part of Cablevision,” Cablevision CEO James Dolan said in a statement. “We wish the Optimum West team the very best under its new management.”
Credit Suisse and Goldman Sachs acted as financial advisors to Charter, and also provided debt financing commitments for the transaction. Citi and J.P. Morgan acted as co-lead financial advisors to Cablevision. BofA Merrill Lynch and Guggenheim Securities provided financial advice to Cablevision. Sherman & Howard acted as legal counsel for Charter and Sullivan & Cromwell LLP as legal counsel to Cablevision.