Charter Closes System Sale

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Start-up Atlantic Broadband LLC swiftly closed its $735 million purchase of about 228,000 basic-cable customers from Charter Communications Inc.

The buyer -- committing about $270 million in equity and raising $545 million in a debt sale -- acquired systems in and around Miami Beach, Fla., and in western Pennsylvania, Maryland, Delaware, West Virginia and New York.

The sale agreement was reached in September.

About 270 franchises are covered, of which about 160 were required to approve the transfer.

Atlantic Broadband is headed by former Continental Cablevision Inc. executives David Keefe and Ed Holleran.

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