Private equity-backed telecoms operator WOW has completed its US$1.5bn acquisition of US cable operator Knology.
The transaction, first announced in April, was approved by Knology shareholders on 26 June.
The deals sees WOW, which is controlled…
Private equity-backed telecoms operator WOW has completed its US$1.5bn acquisition of US cable operator Knology.
The transaction, first announced in April, was approved by Knology shareholders on 26 June.
The deals sees WOW, which is controlled by Avista Capital Partners, acquire the group for US$19.75 per share in cash.
“We’re pleased to have completed this transaction so expeditiously and are excited to operate together as a combined entity,” said WOW CEO Colleen Abdoulah.
According to Knology’s annual results, it had US$752m of outstanding debt as of 31 December 2011.
Credit Suisse, Morgan Stanley, RBC Capital Markets, SunTrust Robinson Humphrey and Bank of Tokyo-Mitsubishi UFJ provided fully-committed debt financing for the deal.
Following the transaction, WOW said Todd Holt, former Knology CFO, has been named WOW CFO.
Cochran said: “This combination provides us with the diversification to further develop growth opportunities both residentially and commercially. We are confident taking the best of both companies will create even greater benefits for our team members and our customers.”
Credit Suisse and BofA Merrill Lynch financially advised Knology on the transaction. Wow! was financially advised by Morgan Stanley.
