TPH hires Morgan Stanley and JPMorgan Chase for potential sale of Astound

According to sources familiar with the matter at hand, private equity firm TPG is exploring the potential sale of Astound in a deal that could value the “owner of a U.S. network of regional cable TV and internet providers at more than $8 billion, including debt”.

The potential sale comes at a time when cable operators are seeing a jump in consumers requiring more bandwidth because of the coronavirus-induced work-from-home and home entertainment that is taking roots across many sectors in the services industry.

TPG has hired Morgan Stanley and JPMorgan Chase & Co to advise them on the sale process, said sources on the condition of anonymity since the matter is confidential.

TPG, Morgan Stanley and JPMorgan declined comment.

RCN Telecom Services, a division of Astound, did not immediately respond to requests for comments.

Astound’s network includes Wave Broadband, RCN, and Grande Communications Networks LLC.

TPG acquired Grande and RCN for $2.25 billion in 2016; it acquired Wave Broadband in 2017 for $2.37 billion.

Astound’s businesses serve parts of California, Washington, New York City, Chicago, Oregon, Massachusetts, Pennsylvania, and Texas.

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