Time Warner Cable closed its $3 billion acquisition of Insight Communications Wednesday, adding 760,000 voice, video and high-speed data customers to its fold.
"Today we are pleased to welcome new customers, new employees and new communities to Time Warner Cable," Time Warner Cable chairman and CEO Glenn Britt said in a release. "With this acquisition, we have expanded in areas that fit well with our Midwest operations at an attractive price. We are excited to begin building on Insight's successes and serving our new customers."
Insight went on the block last year and Time Warner agreed to purchase the company in August. Insight has about 550,000 high-speed data, 670,000 video and 290,000 voice customers in Evansville, Ind.; Louisville, Covington, Lexington, and Bowling Green, Ky.; and Columbus, Ohio.
Prior to the transaction, Insight was owned by The Carlyle Group, Crestview Partners, MidOcean Partners, members of Insight management and others. Carlyle and Insight management took the company private in December 2005, and Crestview and MidOcean purchased a significant stake in the company in April 2010.
Citigroup Global Markets Inc. acted as exclusive financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Edwards Wildman Palmer LLP acted as legal advisors to Time Warner Cable on this transaction. BofA Merrill Lynch and UBS Investment Bank acted as financial advisors and Dow Lohnes PLLC acted as legal advisor to Insight on this transaction.
