Wave Broadband has expanded its presence in Seattle with the acquisition of Cascadelink, which provides IP services in the city to residential and business customers in multi-unit residential and office buildings. Meanwhile, press reports suggest that parent company WaveDivision Holdings has put itself up for sale.
Wave did not disclose the terms of its Cascadelink acquisition, which is effective immediately. Founded in 2002, Cascadelink provides symmetrical gigabit services to what Wave termed "thousands of customers" in more than 100 Seattle-area apartments, condominiums, and commercial office buildings. The customer set complements Wave's own service provision activity in the city, which began in 2008.
"Cascadelink and Wave are strongly compatible, as both of our organizations have been focused squarely on providing fast, reliable connections backed by exceptional local customer service," said Harold Zeitz, Wave's President and COO. "We plan to continue providing Cascadelink's Seattle-area customers with the high levels of service they've come to expect while expanding our gigabit services to more business and residential customers throughout our three-state network."
The acquisition is Wave's 22nd, which has helped it expand its footprint the Pacific Northwest and California alongside its own fiber builds (see, for example, "Wave funds fiber network expansion"). However, the company may have decided that it needs a larger partner to achieve its goals. Reuters reports that parent WaveDivision Holdings and its private equity investors Oak Hill Capital Management LLC and GI Partners have hired investment bank UBS Group AG to put the company up for sale. The ownership team could be seeking as much as $2 billion, according to the Reuters report.
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