RCN/Grande, a company controlled by TPG Capital, the global private equity platform of alternative asset firm TPG, has closed the previously announced purchase of regional fiber-optic network and broadband services TV provider Wave Broadband. Wave will continue operating as a branded entity.
In May of 2017, TPG announced it was backing RCN/Grande to acquire Wave Broadband for $2.365 billion (see "TPG and RCN to acquire Wave Broadband for $2.365 billion"). The combination creates the sixth largest cable operator in the nation, and broadens RCN/Grande's high-speed broadband services platform, says TPG.
Headquartered in Kirkland, WA, 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 recently expanded its fiber footprint, with approximately 8,000 miles of owned fiber supporting its enterprise fiber business (see "Wave funds fiber network expansion").
"We are excited to expand our national footprint in seven of the top 10 DMAs with almost 950,000 customers," said Steve Simmons, RCN/Grande chairman. "In both the residential and business segments, our management team, joined with Wave, will continue top-tier industry growth."
TPG acquired RCN as well as Grande Communications via separate transactions in August 2016 (see "TPG Capital to acquire RCN Telecom, Grande Communications"). The firm has made previous investments in digital media and entertainment, including Airbnb, CAA, ipsy, Lynda.com, RentPath, Spotify, Uber, and Vice Media.
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