There was a bit of fiber consolidation announced in the southeastern US yesterday. Cable One has announced a deal to purchase Hargray Communications, or more precisely the 85% of the company they didn’t already own. They have been a minority shareholder in the company since last summer, when they contributed a cable system in Anniston, Alabama in exchange for a stake.
Hargay itself has been a consolidator in recent years. In 2019 they bought DFS in northern Florida, Kingsland Cable in Georgia, and USA Communications in Alabama. The operator serves smaller markets across a swath of those three states plus its home turf in South Carolina with upwards of 125K customers. Cable One will fold that footprint and customer base into its own regional business.
Hargray had been majority-owned by The Pritzker Organization, which invested in the company in 2017. Among the other investors selling their stakes to Cable One are Stephens Capital Partners, Redwood Capital Investments, and WaveDivision Capital. The deal is expected to close in Q2 of this year.
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