RCN/Grande, a nationwide broadband service platform controlled by TPG Capital, has closed its previously announced partnership with Wave Broadband. The company continues to operate as a branded entity, headquartered in Kirkland, WA.
"By combining RCN/Grande and Wave, we are creating a leading, national-scale Internet provider and cable TV operator with significant growth potential," said Jim Holanda, CEO of RCN/Grande. "We are pleased to announce the close of this transaction and look forward to our continued growth led by a strong focus on customer service and commitment to providing the highest quality high-speed Internet, TV and voice services available."
RCN/Grande Chairman Steve Simmons said: "We are excited to expand our national footprint in seven of the top 10 DMAs with almost 950,000 customers. In both the residential and business segments, our management team, joined with Wave, will continue top tier industry growth."
Wave reaches 690,000 homes and more than 280,000 customers including more than 13,000 unique commercial clients in Washington, Oregon and California. The company has nearly 8,000 miles of owned fiber supporting its enterprise fiber business. As part of the transaction, Wave Founder and CEO Steve Weed has joined RCN/Grande as a director.
Last May, TPG Capital announced it was backing RCN/Grande to combine with Wave Broadband for $2.365 billion. The combination creates the sixth largest cable company in the United States. TPG Capital acquired RCN and Grande through separate transactions in 2016.
In other Wave Broadband news, the company has signed an agreement with the city of Santa Maria, CA, to complete construction of the city's fiber-optic network ring to provide gigabit service to city departments, businesses, schools and residents as a whole. The completion of the fiber ring is intended to allow Santa Maria to upgrade the city's public safety network, become a regional emergency dispatch center, and offer public WiFi.