Stonepeak announces agreement to acquire Astound Broadband from TPG for $...

Stonepeak announces agreement to acquire Astound Broadband from TPG for $...
Stonepeak announces agreement to acquire Astound Broadband from TPG for $...
PRINCETON, NJ – (BUSINESS WIRE) – Stonepeak Infrastructure Partners (Stonepeak), a private equity firm specializing in infrastructure investments, announced today that it has entered into a definitive agreement to acquire Astound Broadband (Astound), the sixth largest US cable operator in the US, the leading regional company operates providers RCN, Grande, Wave and enTouch. Stonepeak will acquire the company from TPG Capital and Patriot Media Management for $ 8.1 billion. The transaction is expected to close in the second quarter of 2021 and is subject to customary closing conditions, including regulatory approvals.

Stonepeak works with Patriot Media, the industry-leading management team led by Steve Simmons and Jim Holanda that currently manages Astound. The company is a leading broadband provider providing Internet, entertainment, communications, connectivity and fiber optic infrastructure solutions to residential customers and businesses of all sizes. The company has built modern, high-performance communications infrastructure networks of the highest quality, offering gigabit speeds and serving eight of the ten largest metro areas in the United States. RCN, Grande, Wave, and enTouch serve over a million customers with 23,000 miles of fiber in Chicago, Eastern Pennsylvania, Massachusetts, New York, Northern California, Oregon, Texas, Washington, DC, and Washington.

“We are excited to be working with Steve, Jim and the Astound team for the next chapter of growth. Astound is the leading operator of critical broadband infrastructure in the United States and has a long history of providing market-leading customer service and network performance to communities across the country. In our increasingly connected society, we see an exceptional opportunity to achieve faster speeds and better coverage that fundamentally enables many aspects of everyday life, ”said Brian McMullen, Partner at Stonepeak.

The company is a leader in reshaping home and business connectivity, providing customers across the country with access to great high-speed broadband and other innovative TV and phone services. As part of the partnership with Stonepeak, Patriot Media will continue to invest heavily in the network and technology to enable the company to expand and expand its fiber-rich infrastructure, deliver high-speed data services at gigabits per second, and create the best-in-class Internet experience in their markets.

“We have created a market-leading broadband platform with national reach, broad capabilities and expertise, and exciting growth potential,” said Jim Holanda, CEO. “We are very excited to be working with a leading investor like Stonepeak to further accelerate our growth and bring our businesses to new levels of customer satisfaction and performance. We would also like to thank TPG for the great support and partnership over the past four years. ”

“As we continue to grow our platform, our core goals remain the same: exceptional service for our customers and communities, a great experience for our employees and great results for our investors,” said Steve Simmons, chairman of Patriot Media and member of the Cable Hall of Fame . “Our mission and management vision are aligned with Stonepeak and we look forward to our partnership with them. ”

Patriot Media has worked with these brands for more than a decade, beginning with the management of RCN in 2010. The team has led the companies, each operating under their respective names, through significant growth periods.

“We have a longstanding theme and believe in the growing value of broadband infrastructure, culminating in our successful investment in Astound Broadband in partnership with Patriot Media,” said David Trujillo, partner at TPG. “We are proud to have been part of the company’s journey which has seen significant platform expansion, strong growth and excellent leadership. We wish Steve, Jim and the great Patriot management team all the best as they continue to expand Astound in collaboration with Stonepeak. ”

Stonepeak’s investment in Astound reflects its strategy of working with leading management to support market leaders in digital infrastructure and often to enable growth through additional capital investments. Stonepeak was an early and active investor in digital infrastructure with multiple investments in data center, fiber optics and wireless space.

BofA Securities and Lazard are serving as financial advisor to Stonepeak, and Simpson Thacher & Bartlett LLP is serving as legal advisor. JP Morgan Securities LLC und Morgan Stanley & Co. LLC are serving as financial advisor to Astound and Cleary Gottlieb Steen & Hamilton, LLP and Seyfarth Shaw, LLP are serving as legal counsel.

About Astound (RCN, Grande Communications, Wave and enTouch)

RCN Telecom Services, LLC (, Grande Communications (, Wave ( and enTouch Systems ( make up the sixth largest US cable operator and offer award-winning products High-speed Internet, broadband communications solutions, digital television, telephone services and fiber optic solutions for residential and business customers in the USA. Together, RCN, Grande, Wave and enTouch serve areas in Chicago, eastern Pennsylvania, Massachusetts, New York City and Washington, DC. (RCN); Texas (Grande Communications and enTouch Systems) and Northern California, Oregon and Washington (Wave).

About Stonepeak

Stonepeak Infrastructure Partners ( is an infrastructure-focused private equity firm headquartered in New York with $ 25.2 billion in assets under management as of June 30, 2020. Stonepeak invests in long-lived companies and high net worth projects that provide essential services to clients and seeks to actively work with quality management teams to enable operational improvements and capitalize on growth initiatives.

About TPG

TPG is a global alternative asset leader founded in 1992 with approximately $ 83 billion under management with offices in Austin, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco and Seoul has. Singapore and Washington, DC. TPG’s investment platforms span a wide range of asset classes, including private equity, growth capital, real estate, impact investing and public equity. TPG aims to develop dynamic products and options for its investors while establishing discipline and operational excellence in terms of the investment strategy and the performance of its portfolio. For more information, visit on Twitter @TPG.

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