Astound first unveiled the deal in June. The acquired systems in Chicago; Evansville, Indiana; and Anne Arundel, Maryland, will add about 128,000 residential and business customers to Astound’s total footprint while passing more than 700,000 homes.
“Astound Broadband’s acquisition of WOW!’s Illinois, Indiana, and Maryland markets significantly advances our footprint in areas largely adjacent to the company’s existing operations,” Astound CEO Jim Holanda said in a press release. “This expansion enables us to leverage incumbent fiber-rich network assets, nearby operations talent, award winning customer service, and a strong product set to serve even more customers. We’re excited to officially welcome WOW! customers and colleagues to Astound.”
Both companies have been working for months to transition employees and customers to Astound and added that in the short term the acquired markets will continue to operate without interruption under the WOW! name and trademark and will be rebranded following the integration period.
“With Astound Broadband, WOW! has found a good steward for our operations in Chicago, Evansville and Ann Arundel,” WOW CEO Teresa Elder said in a press release. “The team at Astound shares the same employee and customer-centric culture and values and has the resources and commitment to provide the same quality of service our customers have come to expect from WOW!.”
JP Morgan and Morgan Stanley are acting as financial advisers to Astound and Simpson Thacher & Bartlett LLP is serving as legal advisor. Kelley Drye & Warren LLP is acting as regulatory adviser, with Deloitte & Touche LLP serving as tax and accounting adviser.
Mike Farrell is senior content producer, finance for Multichannel News/B+C, covering finance, operations and M&A at cable operators and networks across the industry. He joined Multichannel News in September 1998 and has written about major deals and top players in the business ever since. He also writes the On The Money blog, offering deeper dives into a wide variety of topics including, retransmission consent, regional sports networks,and streaming video. In 2015 he won the Jesse H. Neal Award for Best Profile, an in-depth look at the Syfy Network’s Sharknado franchise and its impact on the industry.
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