US cableco WaveDivision has raised over US$1bn in a recapitalisation through a mixture of equity and debt financing.
Private equity firms Oak Hill Capital Partners and GI Partners, that completed their acquisition of WaveDivision in October, are both…
US cableco WaveDivision has raised over US$1bn in a recapitalisation through a mixture of equity and debt financing.
Private equity firms Oak Hill Capital Partners and GI Partners, that completed their acquisition of WaveDivision in October, are both providing “substantial” equity investments, according to a WaveDivision statement. Further details were not disclosed.
In addition the cableco said that Deutsche Bank and Wells Fargo were leading new bank and high-yield debt financing. Suntrust, RBC and Waller Capital also provided investment services.
WaveDivision plans to use the capital to continue growing its fibre-network which it operates on the US’ Pacific coast.
The company has bought more than a dozen cable and telecom providers since its inception in 2002. WaveDivision’s strategy is to acquire operators and then build out their networks.
WaveDivision was founded by CEO Steve Weed and Sandler Capital Partners. Sandler agreed to sell its stake in June to Oak Hill, GI and WaveDivision management. Following the closure of the deal in October the management’s stake in the business increased from 10% to 15%.
