Atlantic Broadband said it has signed a definitive agreement to purchase Thames Valley Communications, a Southeastern Connecticut broadband services company, for about $50 million.
The deal, expected to close in about three months, would add about 10,000 broadband customers in Groton, Mystic, Stonington, Pawcatuck and Gales Ferry. Atlantic Broadband already has a strong presence in Connecticut, after its 2015 purchase of MetroCast’s operations in that state.
“The acquisition of Thames Valley Communications will nicely complement our presence in Southeastern Connecticut, as our businesses share the same values of customer focus and support of the communities we serve,” said Atlantic Broadband president Frank van der Post, in a press release.
Morgan Lewis LLP served as Atlantic Broadband’s legal counsel in the transaction. RBC Capital Markets served as M&A adviser for Thames Valley and Lowenstein Sandler LLP served as its legal counsel.
Atlantic Broadband is a subsidiary of Canadian telecom company Cogeco Communications. In a separate press release, Cogeo CEO Philippe Jetté said the deal is characteristic of ABB’s plans to boost its U.S. presence.
“Cogeco Communications is pursuing its growth strategy in the United States,” Jetté said in the press release. “We always look to expand our presence in the U.S. broadband market and the acquisition of Thames Valley Communications represents another step forward in our growth plan.”