Cogeco Cable Purchase
Canada's Cogeco Cable announced on July 18, 2012 that it is purchasing Atlantic Broadband for $1.36 billion (US). Cogeco Cable has completed the $1.36 billion acquisition of Atlantic Broadband, the 12th largest cable operator in the United States.
The deal, first announced in mid-July, means Montreal-headquartered Cogeco, (TSX:CCA) has established a foothold in the lucrative American market, notably in Western Pennsylvania, Southern Florida, Maryland, Delaware and South Carolina.
Louis Audet, President and CEO of Cogeco Cable, said: “This acquisition marks our entry into the United States market. There are sizable opportunities for growth, including increasing the penetration of the small and mid-sized business segment and maximizing the bundling potential of services in the residential sector.”
Acquired from ABRY Partners, Atlantic Broadband serves about 251,000 Analog and Digital television service customers, as well as High Speed Internet and Telephony services.
Ed Holleran, one of Atlantic Broadband’s founders, will continue to lead the US operations team as CEO.
“We feel that this transaction creates a great opportunity for Atlantic Broadband’s customers and our employees. Cogeco Cable is a very solid company that has strong experience in our industry. Our companies share much in common and, because of our combined expertise, we see strong growth opportunities for the future through enhanced services for our residential and business customers,” said Holleran.
Cogeco Cable, with the completed deal, now serves more than 2.45 million primary service units in Canada and in the US. (6)
Read more about this topic: Atlantic Broadband
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