TPG Capital has completed its previously announced purchase of Wave Broadband, a $2.36 billion deal that creates the sixth largest cable operator in the country.
TPG, which also owns RCN and Grande Communications, first announced the Wave deal in May.
“By combining RCN/Grande and Wave, we are creating a leading, national-scale internet provider and cable TV operator with significant growth potential,” RCN/Grande CEO Jim Holanda said in a statement. “We are pleased to announce the close of this transaction, and look forward to our continued growth led by a strong focus on customer service and commitment to providing the highest quality high-speed internet, TV, and voice services available.”
The combined companies have a presence in seven of the top 10 DMAs and have nearly 950,000 voice, video and data subscribers.
Wave will continue to operate as a branded entity headquartered in Kirkland, Wash., serving business and residential customers in Washington, Oregon, and California. RCN provides similar services as Wave along the East Coast and in Chicago; Grande operates throughout Texas.
“Together, RCN/Grande and Wave create a market-leading broadband platform with national reach,” said TPG partner David Trujillo in a statement. “The combined platform is providing businesses and residents across the country with fast, high-quality, and reliable communications services that allow them to rapidly access the content they crave. We look forward to our continued work with the RCN/Grande and Wave teams.”