FORT WORTH: The private-equity firm TPG Capital is acquiring RCN Telecom Services and Grande Communications Networks in two separate transactions, for $1.6 billion and $650 million, respectively.<\/p>\n
TPG will combine the assets to create a top ten U.S. cable company. The transaction is expected to close in the first quarter of 2017 and is subject to customary closing conditions, including regulatory approvals. TPG is purchasing the assets from ABRY Partners.\u00a0TPG is partnering with Patriot Media, the management team headed by Steve Simmons and Jim Holanda that currently manages both RCN and Grande.<\/p>\n
\u201cThe way that content is distributed and consumed has evolved significantly in ways that create an overwhelming demand for affordable, high-speed cable networks. There is an unprecedented amount of diverse, creative content being produced that is extremely bandwidth intensive,\u201d said David Trujillo, partner at TPG. \u201cConsumers are craving access to that content through various internet-connected devices in the home all at once. This places never-before-seen demands on the underlying infrastructure. High-speed data has become, and will remain, the essential connection for both consumers and businesses. Both RCN and Grande are proven leaders in providing fast, affordable, and reliable data services. We look forward to partnering with the Patriot Media management team to invest in this critical communications infrastructure.\u201d<\/p>\n
\u201cOn behalf of our 2,000-plus team members we are very eager and excited about partnering with a premier investor such as TPG to take the two companies to new levels of customer satisfaction and performance,\u201d said Holanda, the CEO\u00a0of Patriot Media. \u201cTheir deep experience creating and growing networks makes them the ideal partner to help us build on a vision of delivering the best broadband and overall customer experience.\u201d<\/p>\n
\u201cWe thank ABRY and all our existing partners and lenders for their confidence, support, and shared vision, which have enabled us to build these two great companies over the years,\u201d said Steve Simmons, chairman of Patriot Media. \u201cAs a partner, TPG is a great fit with our mission and management team vision and will facilitate continued delivery of outstanding service to our customers and results for our investors.\u201d<\/p>\n
Jay Grossman, managing partner and co-CEO of ABRY, said: \u201cThis has been a long and successful partnership with Patriot Media in conjunction with our investments in RCN and Grande, as well as a successful outcome for ABRY. We wish the Patriot Media team well as they continue to operate the combined business together with TPG.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
FORT WORTH: The private-equity firm TPG Capital is acquiring RCN Telecom Services and Grande Communications Networks in two separate transactions, for $1.6 billion and $650 million, respectively.<\/p>\n","protected":false},"author":350,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[870,871,872],"class_list":["post-7258","post","type-post","status-publish","format-standard","","category-top-stories","tag-grande-communications-networks","tag-rcn-telecom-services","tag-tpg-capital"],"yoast_head":"\n