WOW! Completes $661 Million Sale of Three Service Areas to Astound Broadband
ENGLEWOOD, Colo., Nov. 1, 2021 /PRNewswire/ -- WOW! Internet, Cable & Phone (NYSE: WOW), a leading broadband service provider, today announced the completion of the sale of its Chicago, Evansville, Indiana, and Anne Arundel, Maryland service areas to Radiate HoldCo, LLC, a telecommunications holding company affiliated with RCN Telecom Services, LLC, Grande Communications Networks, LLC and WaveDivision Holdings, LLC (collectively "Astound Broadband") for $661 million.
The completion of the Astound Broadband transaction follows WOW!'s completed sale of its Cleveland and Columbus, Ohio service areas to Atlantic Broadband, announced in September 2021. Combined, the two transactions have generated gross proceeds of $1.8 billion, enabling WOW! to significantly lower its debt, strengthen the company's financial position and accelerate its broadband-first strategy.
"The completion of the Astound Broadband transaction is another important step in the execution of our broadband-first strategy," said Teresa Elder, CEO of WOW!. "We remain committed to providing customers with reliable, accessible and fast broadband solutions, and now we have an even greater ability to enhance our network and expand our footprint through greenfield and Edge-out opportunities."
Since announcing the sale in June 2021, WOW! has worked with Astound Broadband to ensure a seamless transition of its employees and customers in the Chicago, Evansville, Indiana, and Anne Arundel, Maryland, service areas to Astound Broadband. WOW! has entered into a Transitio Services Agreement with Astound Broadband to support continuity of service during the transition period following the completion of the transaction.
BofA Securities acted as financial advisor to WOW!, and Wachtell, Lipton, Rosen & Katz, as well as Honigman LLP, served as legal counsel. Simpson Thacher & Bartlett LLP and Kelley Drye & Warren LLP served as legal counsel to Astound Broadband.
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