Cogeco Cable completes acquisition of Atlantic Broadband
Atlantic Broadband, the main cable company offered in the Aiken area, has now officially been acquired by Cogeco Cable, according to a Saturday press release.
Cogeco Cable Inc., based in Canada, finalized the acquisition of Atlantic Broadband from ABRY Partners. Formed in 2003, Atlantic Broadband operates cable systems in Western Pennsylvania, Southern Florida, Maryland, Delaware and South Carolina. Serving about 251,000 television customers, Atlantic Broadband is the 12th largest cable operator in the United States.
“We feel that this transaction creates a great opportunity for Atlantic Broadband’s customers and our employees,” said Ed Holleran, president and CEO of Atlantic Broadband.“ Cogeco Cable is a very solid company that has strong experience in our industry. Our companies share much in common and, because of our combined expertise, we see strong growth opportunities for the future through enhanced services for our residential and business customers.”
According to Reuters news service, Cogeco Cable said in July it would pay $1.36 billion to acquire Atlantic Broadband.
The Montreal-based company said it would finance the deal with a combination of cash, a $550 million draw-down on its revolving credit, and a $660 million of debt financing, Reuters reported.
“This is a very important day for Cogeco Cable as this acquisition marks our entry into the United States market. There are sizable opportunities for growth, including increasing the penetration of the small and mid-sized business segment and maximizing the bundling potential of services in the residential sector,” said Louis Audet, president and CEO of Cogeco Cable.