Charter Sells 235K Cable Subs to Atlantic Broadband

Charter Communications has sold cable systems serving 235,000 subscribers to Atlantic Broadband, a new company formed by ABRY Partners, David J. Keefe and Edward T. Holleran, Jr.. The deal was valued at $765 million and includes cable networks in Miami Beach, Florida, and in certain towns in Delaware, Maryland, New York and Pennsylvania. Approximately 79% of the homes in the clusters are passed by two-way active plant and over 70% of the homes are passed by plant upgraded to 750 MHz or higher bandwidth. The acquisition makes Atlantic Broadband the 16th largest MSO in the country. Boston-based ABRY Partners operates a private equity fund. In addition to ABRY, equity financing was provided by its long-term cable investment partner, Oak Hill Capital Partners LP, as well as other minority equity investors.
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