Atlantic Broadband has announced an agreement to purchase Connecticut cable operator MetroCast from Harron Communications for $200 million, continuing a wave of cable industry consolidation.
A wholly owned subsidiary of Canada's Cogeco Cable, and the 13th biggest cable operator in the U.S., Quincy, Mass.-based Atlantic Broadband acquires a system that includes 23,000 video customers, 22,000 Internet users and 8,000 voice subscribers.
MetroCast systems pass around 70,00 homes in nine communities spanning eastern Connecticut.
"With eastern Connecticut's strong demographics and MetroCast Connecticut's well-maintained networks, this acquisition brings sizeable residential and business growth opportunities," said Richard Shea, president and CEO of Atlantic Broadband. "Our goal is to deliver the best TV, Internet and phone services combined with responsive local support to the communities we serve. We look forward to welcoming MetroCast Connecticut's customers and employees to Atlantic Broadband."
Cogeco Cable said it will finance the transaction through non-recourse debt to be issued by Atlantic Broadband.
For more:
- read this Atlantic Broadband press release
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