WideOpenWest has agreed to purchase metro Atlanta area cable operator NuLink from New York private equity firm Halyard Capital.
NuLink offers service to about 34,000 homes in Newnan, Ga., about 34 miles southwest of Atlanta. In a Securities and Exchange Commisson filing Tuesday, WOW revealed that the purchase price is about $53 million and that NuLink reported cash flow of about $8.4 million in 2015.
“NuLink’s long-standing commitment to the Newnan community is why this is a great acquisition for WOW!,” said WOW CEO Steven Cochran in a statement. “We plan to continue investing in the local network infrastructure to bring even faster Internet to residential and business customers with speeds as high as 1 Gbps. All of us at WOW! are committed to providing an outstanding customer experience and we look forward to serving the community.”
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The transaction is expected to close by the end of 2016.
“We are excited to become a part of the WOW! family. Since our start in 1997, we have continued to invest in the NuLink system and joining WOW! is the right next step for the Newnan community,” said NuLink CEO Dan Shoemaker in a statement.
NuLink was spun off from Newnan utilities in 2008 and upgraded its network in 2011 to provide a full suite of Internet, cable TV and phone services.
Kirkland & Ellis LLP acted as legal advisor to WOW!, while Waller Capital Partners LLC, Garrett M. Baker Advisors LLC and Locke Lord LLP acted as financial and legal advisors respectively to NuLink.