US cableco WaveDivision has completed a US$50m acquisition of Black Rock Cable, which operates a high-capacity fibre optic network in Washington State.
No financing details were released.
However, in November Wave raised US$1bn in a recapitalisation…
US cableco WaveDivision has completed a US$50m acquisition of Black Rock Cable, which operates a high-capacity fibre optic network in Washington State.
No financing details were released.
However, in November Wave raised US$1bn in a recapitalisation through a mixture of equity and debt financing which it said would be used 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. Wavehas said its strategy is to acquire operators and then build out their networks.
In a statement today Wave’s CEO Steve Weed said: “Black Rock’s proven expertise in dealing with commercial and wholesale clients greatly strengthens our enterprise business, while extending Wave’s dark fibre network from the Canadian border down the West Coast to the San Francisco DMA.”
Wave was founded by 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%.
