US company Time Warner Cable has agreed to acquire a set of cable systems from the much smaller player NewWave Communications for US$260m.
In a statement yesterday, the companies said the relevant systems currently provide services to 70,000 basic video…
US company Time Warner Cable has agreed to acquire a set of cable systems from the much smaller player NewWave Communications for US$260m.
In a statement yesterday, the companies said the relevant systems currently provide services to 70,000 basic video subscribers and 26,000 telephone customers in Kentucky and Western Tennessee.
NewWave was advised by RBC Daniels and K&L Gates. The legal adviser for Time Warner Cable was Edwards, Angell, Palmer & Dodge.
NewWave is backed by the Pamlico Capital private equity firm.
Assuming regulatory approval is received, the deal is expected to close in Q4 2011.
The president and CEO of Time Warner Cable, Rob Marcus, said: “Taking into account a full tax step-up and significant operational synergies, the deal enables us to expand our cable footprint at a purchase price that compare favourably with Time Warner Cable’s current trading multiples.”
