RCN/Grande Closes Acquisition of Wave Broadband
Transaction expands RCN/Grande’s footprint to the West Coast, creating the nation’s sixth largest cable company
Kirkland, Wash., Fort Worth, Texas, and San Francisco – January 24, 2018 - RCN/Grande, a nationwide broadband service platform controlled by TPG Capital, today closed its previously announced partnership with Wave Broadband (Wave). Wave is a leading regional broadband fiber company offering a full suite of high-speed data, video, and voice services to residential and business customers. The company continues to operate as a branded entity, headquartered in Kirkland, Washington.
“By combining RCN/Grande and Wave, we are creating a leading, national-scale internet provider and cable TV operator with significant growth potential,” said Jim Holanda, CEO of RCN/Grande. “We are pleased to announce the close of this transaction, and look forward to our continued growth led by a strong focus on customer service and commitment to providing the highest quality high-speed internet, TV, and voice services available.”
RCN/Grande Chairman and industry veteran Steve Simmons added, “We are excited to expand our national footprint in seven of the top 10 DMAs with almost 950,000 customers. In both the residential and business segments, our management team, joined with Wave, will continue top tier industry growth.”
Wave is a regional incumbent broadband services and cable TV provider reaching 690,000 homes and over 280,000 customers including more than 13,000 unique commercial clients in Washington, Oregon, and California. The company maintains a “high-speed data first” strategy and has nearly 8,000 miles of owned fiber supporting its market-leading enterprise fiber business. As part of the transaction, Founder and CEO Steve Weed joined RCN/Grande as a Director.
“Together, RCN/Grande and Wave create a market-leading broadband platform with national reach,” said David Trujillo, Partner at TPG. “The combined platform is providing businesses and residents across the country with fast, high-quality, and reliable communications services that allow them to rapidly access the content they crave. We look forward to our continued work with the RCN/Grande and Wave teams.”
On May 22, 2017, TPG Capital announced it was backing RCN/Grande to combine with Wave Broadband for $2.365 billion. The combination creates the sixth largest cable company in the U.S. and expands RCN/Grande’s robust high-speed broadband services platform. TPG Capital acquired RCN and Grande through separate transactions in 2016. The firm has a long history of investing in digital media and entertainment, with investments such as Airbnb, CAA, ipsy, Lynda.com, RentPath, Spotify, Uber, and Vice Media.
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Reprinted from www.pcmag.com with permission. © 2017 Ziff Davis, LLC. All Rights Reserved.
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