Charter Communications said Friday that it has completed the sale of about 65,000 subscribers in seven states to Cobridge Communications.
Cobridge, which is an affiliate of The Gores Group, is headed by former Broadwing Communications CEO Scott Widham. Broadwing, an optical networking services provider was acquired by Level 3 Communications in 2007.
The Charter systems are located in Alabama, Arkansas, Georgia, Louisiana, Missouri, Ohio and Texas. As a result of this sale, Charter no longer operates in Arkansas and Ohio. Charter now serves 25 states. RBC Daniels acted as financial advisor to Charter in the transaction. Terms of the deal were not disclosed.
"The sale of these systems furthers our continued strategy to strengthen our clusters and enhance operating efficiencies by divesting geographically non-strategic assets," Charter CEO Mike Lovett said in a statement. "Our primary focus is to provide value to our customers and enhance their experience with Charter, and more tightly clustered systems allow us to more effectively achieve this."
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