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.