After buying up RCN Telecom Services and Grande Communications last year, private equity firm TPG Capital is reportedly close to a $2 billion deal for WaveDivision Holdings LLC, parent of Kirkland, Washington-based cable operator Wave Broadband.
Reuters reported the deal citing unnamed sources. Neither TPG or Wave are commenting at this point.
Last month, the news service reported that Oak Hill Capital Management LLC and GI Partners—which jointly own Wave, along with the operator’s top management—hired investment bank UBS Group AG to conduct an auction for the cable company.
RELATED: RCN and Grande sold to private equity firm TPG for $2.25B
In August of 2016, TPG acquired RCN and Grande Communications for $2.25 billion from another buyout firm, ABRY Partners. That deal closed in February.
Should TPG close on Wave, as well, it would form the nation’s sixth largest cable operator.
RELATED: Wave Broadband’s private-equity parents looking for $2B sale, report says
Wave’s footprint covers the Sacramento and San Francisco areas, as well as Seattle and Portland, Oregon.
Unlike many other cable operators, which have built their networks around DOCSIS technologies, Wave has invested heavily in fiber. The company said last fall that it currently has 1,000 ongoing fiber projects.