NEW YORK: Private equity firm TPG is exploring a sale of Astound that could value the owner of a US network of regional cable TV and internet providers at more than US$8 billion, including debt, according to people familiar with the matter.
The potential sale would come as cable operators have seen their fortunes buoyed by consumers requiring more internet bandwidth, as they stay home to work and be entertained during the COVID-19 pandemic.
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TPG has hired Morgan Stanley and JPMorgan Chase & Co to advise on the sale process, the sources said, requesting anonymity as the matter is confidential.
TPG, Morgan Stanley and JPMorgan declined to comment. RCN Telecom Services, a division of Astound, did not immediately respond to a request for comment.
Astound's network includes RCN, Grande Communications Networks LLC and Wave Broadband. TPG acquired RCN and Grande for US$2.25 billion in 2016 and a year later bought Wave Broadband in a US$2.37 billion deal.
Astound's businesses serve parts of California, Chicago, Massachusetts, New York City, Oregon, Pennsylvania, Texas and Washington.
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Shares of rival broadband provider Charter Communications Inc are up more than 25 per cent so far in 2020, outpacing the broader market. ChaRead More – Source
