Daniels Rings Up Deals

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Denver— Daniels & Associates has been involved in more big cable deals this year than at this point last year.

As a result, the investment bank last week said it had closed 20 transactions, valued at $7.5 billion, in the first half of 2001. That's up from $6.3 billion in 29 deals over the year-ago period.

MSO sellers eager to trim their debt and cable-system buyers looking to bolster clusters both played a part in the uptick. The firm represented Adelphia Communications Corp. in a multi-state system swap with Comcast Corp. in which 900,000 subscribers changed hands.

Daniels also helped AT&T Broadband sell 392,000 subscribers across four states in three deals with Charter Communications Inc. and Mediacom Communications Corp. Daniels also represented both parties in AT&T Broadband's system swap with CableOne Inc., which involved 256,000 subscribers.

And Daniels handled the sale of Daniels Cablevision Inc. systems in Carlsbad and Desert Hot Springs, Calif., to Adelphia Communications Corp. from the estate of company founder Bill Daniels. That 69,100-subscriber deal was valued at about $370 million.

In the first half of 2000, Daniels had represented Bresnan Communications Co.'s 690,000-subscriber sale to Charter and acted on Cox Communications Inc.'s behalf in buying 525,000 subscribers from Multimedia Cablevision. Beyond that, the biggest deal involved 41,000 subscribers.

Daniels CEO Brian Deevy said the firm's decision to focus on communications deals — mainly cable and cellular — has paid off. "We're specialists," he said.

Including deals involving non-cable telecommunications firms, along with various financing and advisory arrangements, Daniels completed 47 transactions with an aggregate value of $8.4 billion during the first six months of the year.