C Spire announced it has executed a definitive agreement to acquire Troy Cablevision, Inc. (Troy, AL), which will enable C Spire to meet the growing broadband access and information technology needs of consumers and businesses in Alabama's Wiregrass region.
Troy Cablevision, Inc. founded in 1985, provides cable TV, internet, fiber broadband and other services to business and residential customers in Alabama's Pike, Coffee, Crenshaw, and Dale counties. The company is headquartered in Troy but also has regional offices in Elba, Enterprise, Luverne and Ozark.
C Spire's CEO, Hu Meena, said that his firm intends to make a seamless transition for Troy Cablevision customers, and noted the acquisition is not expected to result in any layoffs, given C Spire's goal of growing within the region.
C Spire's Meena added, "Following up on our previously announced commitment to invest approximately $500 million in fiber based network deployment and enhancements throughout Alabama, we are extremely excited to deepen our Alabama roots with this transaction by providing services to the Wiregrass. It also shows our commitment to our Alabama expansion by positioning us to leverage the relationship between the talented, dedicated team and their many long-term customers. The high quality, fiber optic -based infrastructure positions us very effectively to deliver broadband fiber services throughout the state."
The transaction includes Union Springs Telephone Company, Inc. and is subject to customary regulatory approvals. The move accelerates C Spire's fiber-based expansion throughout Alabama to provide ultra-fast broadband internet access and related services, the provider said.
"Becoming a part of the C Spire family will allow us to provide further enhanced services to our customers," said Jake Cowen, Chief Financial Officer and General Manager of Troy Cablevision. "We will remain committed to offering the same hometown service, but with even better technological capabilities to improve quality and variety of services." Broadband access, especially in rural areas like the Wiregrass, can be a game-changer for consumers and businesses, and C Spire is committed to making broadband more accessible.
C Spire was advised by Bank Street Group in the transaction. For more information, visit www.cspire.com/alfiber and www.cspire.com/business.