This one slipped past me somehow when it came out over the weekend, but better late than never. Stonepeak Infrastructure Partners has entered into a definitive agreement to acquire Astound Broadband from TPG Capital and Patriot Media Management for $8.1B.
Astound is the wrapper that TPG Capital put around its portfolio companies RCN, Grande, Wave, and enTouch. Those regional cable and fiber operators combined make Astound the #6 cable MSO in the US. They operate some 23,000 route miles of fiber with deep connectivity in Chicago, Eastern Pennsylvania, Massachusetts, New York City, Northern California, Oregon, Texas, Washington, DC., and Washington.
Patriot Media will continue to work with Stonepeak to manage those companies, which still maintain their individual brands. So on the ground, not much will be changing in the short term. But it will be interesting to watch what they do differently though. Will Stonepeak look to add additional assets to Astound? Or will it tie them more closely together? Under TPG's ownership, Astound and its brands have been relatively quiet.
The deal is expected to close in Q2 of 2021.
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