Stonepeak Infrastructure Partners Acquires Astound Broadband for $8.1B
PRINCETON, N.J.–(BUSINESS WIRE)–Stonepeak Infrastructure Partners (Stonepeak), a private equity firm specializing in infrastructure investing, today announced it has entered into a definitive agreement to acquire Astound Broadband (Astound), the sixth largest U.S. cable operator in the United States that operates leading regional providers RCN, Grande, Wave and enTouch. Stonepeak will acquire the company from TPG Capital and Patriot Media Management for $8.1 billion. The transaction is expected to close in the second quarter of 2021 and is subject to customary closing conditions, including regulatory approvals.
Stonepeak is partnering with Patriot Media, the industry-leading management team headed by Steve Simmons and Jim Holanda that currently manages Astound. The company is a premier broadband provider offering internet, entertainment, communications, connectivity and fiber infrastructure solutions for residential customers and businesses of all sizes. The company has built modern, top-quality, high-speed communications infrastructure networks that offer gigabit speeds serving eight of the top ten largest metro areas throughout the United States. RCN, Grande, Wave and enTouch serve over one million customers with 23,000 miles of fiber across Chicago, Eastern Pennsylvania, Massachusetts, New York City, Northern California, Oregon, Texas, Washington, DC., and Washington.
