Stonepeak, an alternative investment firm specializing in infrastructure and real assets, has closed its $8.1 billion acquisition of Astound Broadband, a U.S. cable operator in the United States, operating regional providers RCN, Grande Communications, Wave Broadband and EnTouch Systems.
“Stonepeak’s experience building businesses and its commitment to helping companies grow make it the ideal partner as we continue to deliver high-performing broadband and provide exceptional service to our customers,” said Jim Holanda, CEO. “We look forward to working together to invest in our network, continuing to enhance our product and services, and capitalize on exciting growth opportunities.”
Patriot Media chairman Steve Simmons added, “As we continue to expand our platform, our core objectives remain aligned to deliver exceptional service to our customers and communities, a best-in-class experience for our employees, outstanding results for our investors, and top tier growth.”
“The acquisition of Astound marks Stonepeak’s second investment in residential broadband in North America and represents the largest asset in Stonepeak’s global communications portfolio, which includes eight digital infrastructure investments to date,” said Brian McMullen, senior managing director at Stonepeak. “Broadband plays a critical role in today’s economy and society, particularly as the need for faster speeds and greater coverage continues to grow. We are excited to close this transaction and to continue working with Jim, Steve and the Patriot Media team to further accelerate Astound’s growth and provide greater access to critical digital infrastructure across the country.”