FINANCE BRIEFS7/23/2012 12:01 AM Eastern
Cogeco Buying Atlantic Broadband
TORONTO — Canadian cable operator Cogeco Cable
has agreed to buy Quincy, Mass.-based MSO Atlantic
Broadband for $1.36 billion in cash.
has about 252,000 video
customers in Pennsylvania,
Delaware and South
Carolina. CEO David
Keefe and president Ed
Holleran formed ABB
with backers ABRY
Partners and Oak Hill Capital Partners in 2003. The
systems have been on the block since June.
The purchase price works out to be about 8 times
estimated 2012 cash flow of $169 million, in line with
Cogeco Cable has about 870,000 cable subscribers,
primarily in Ontario and Quebec provinces.
Atlantic Broadband will provide the first
operations in the United States and lift its total
cable customer count to 1.1 million. The deal is
expected to close by year-end.
Gleacher and Co. Securities is exclusive financial
adviser. Bank of America Merrill Lynch is sole
lead arranger and is providing the committed debt
financing at Atlantic Broadband. Stikeman Elliott
S.E.N.C.R.L., s.r.l, Simpson Thacher & Bartlett LLP
and Wiley Rein LLP are acting as legal advisers on
WOW Closes Knology Buyout
DENVER — WideOpenWest last week completed
its $1.5 billion acquisition of fellow overbuilder
The deal was first announced in April. The
combined entity will have about 800,000 customers
in a territory that passes 2.8 million homes
across 13 states.
WOW chairwoman and CEO Colleen Abdoulah
will oversee the combined company. WOW
president Steven Cochran remains in his role, and
former Knology chief financial officer Todd Holt
will be CFO of the combined company, reporting
Scripps, Comcast Reach Carriage Deal
PHILADELPHIA — Comcast reached a comprehensive
carriage agreement with Scripps Networks Interactive
last week, bringing the HGTV and Food
Network parent’s content to Comcast’s Xfinity TV
customers on a wide variety of devices.
The multi-year agreement covers distribution
via Comcast’s linear and on-demand platforms and
makes Scripps’ content available to XFinity TV customers
through online, mobile and other devices as
well as Scripps sites and services. Scripps Networks
properties also include Cooking Channel, Travel
Channel, Great American County and DIY.