Start-Up Buys Subs from Bahakel
Privately held Bahakel Communications Ltd. of Charlotte, N.C., completed the sale of cable systems in Virginia and West Virginia to Jet Broadband, a Stamford, Conn.-based cable company headed by former Helicon Cable Communications partner and senior executive David Baum. Terms were not disclosed.
The systems have about 17,000 video customers and 1,000 high-speed-Internet customers.
New York-based investment banker DH Capital LLC initiated the transaction and advised Bahakel. David Abraham & Co. LLC represented Jet. MCG Capital Corp. of Arlington, Va., provided the financing to Jet.
Helicon had about 171,000 subscribers in North Carolina, South Carolina and other parts of the East Coast before selling them to Charter Communications Inc. in 1999.
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