Private equity-backed Rural Broadband Investments (RBI) has completed its acquisition of cableco NewWave Communications from Pamlico Capital.
RBI, formed by PE firm GTCR last year, agreed the transaction in February. A media report at the time…
Private equity-backed Rural Broadband Investments (RBI) has completed its acquisition of cableco NewWave Communications from Pamlico Capital.
RBI, formed by PE firm GTCR last year, agreed the transaction in February. A media report at the time estimated NewWave to have a value of around US$300m.
“This is the first in a series of acquisitions being pursued by RBI, which plans to acquire 300,000-400,000 cable subscribers,” the company said in a statement.
GTCR has bought NewWave through GTCR Fund X which has US$3.25bn of committed capital.
SunTrust Robinson Humphrey served as exclusive financial advisor to GTCR and has committed to provide the debt capital to support the transaction alongside Goldman Sachs. The banks will serve as joint lead arrangers and joint bookrunners on the financing. Kirkland & Ellis served as legal counsel and PriceWaterhouseCoopers served as accounting advisor to GTCR. Waller Capital Partners served as an advisor to Rural Broadband Investments.
NewWave has more than 90,000 customers in rural Illinois, Indiana, Missouri and Arkansas. It offers phone, internet and television services.
