Atlantic Broadband, the U.S. subsidiary of Cogeco Communications Inc. (TSX: CCA), has agreed to buy fellow broadband services provider Thames Valley Communications for $50 million. The deal to acquire the Southeastern Connecticut service provider is expected to close within the next three months, subject to customary regulatory approvals.
The pending transaction is Atlantic Broadband’s second in the state, following the acquisition of MetroCast's Connecticut broadband operations in 2018 (see "Atlantic Broadband completes purchase of Metrocast cable networks"). If consummated, the purchase of Thames Valley communications will add approximately 10,000 customers to Atlantic Broadband’s roster. Overall, the service provider operates in 11 states: Connecticut, Delaware, Florida, Maine, Maryland, New Hampshire, New York, Pennsylvania, South Carolina, Virginia, and West Virginia.
"Cogeco Communications is pursuing its growth strategy in the United States," said Philippe Jetté, president and CEO of Montreal-based Cogeco. "We always look to expand our presence in the U.S. broadband market and the acquisition of Thames Valley Communications represents another step forward in our growth plan."
“The acquisition of Thames Valley Communications will nicely complement our presence in Southeastern Connecticut, as our businesses share the same values of customer focus and support of the communities we serve,” added Frank van der Post, president of Atlantic Broadband. “With a commitment to innovation, a first-rate customer experience, and stimulating economic growth in the region, we look forward to offering high quality Internet, video, and phone services to homes and businesses in the communities of Groton, Mystic, Stonington, Pawcatuck, and Gales Ferry.”
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