(New York, NY) – Time Warner Cable Inc. (NYSE: TWC) today announced that it has completed its previously announced acquisition of cable systems from NewWave Communications for approximately $260 million. With the completion of this transaction, Time Warner Cable adds systems in Kentucky and Western Tennessee to its existing operations.
“Today we expand our footprint, improve our clustering in Kentucky, and welcome new customers and employees to Time Warner Cable,” said Rob Marcus, President and Chief Operating Officer, Time Warner Cable. “We are excited to serve these customers and look forward to bringing them new, innovative services.”
The acquisition includes systems serving approximately 70,000 basic video subscribers, 44,000 HSD subscribers and 28,000 phone subscribers. The new Time Warner Cable systems include Beaver Dam, Benton, Corbin, Hopkinsville, Madisonville, Mayfield, Middlesboro, Murray, and Somerset in Kentucky; and Bolivar, Brownsville, Dyer, Ripley, S. Fulton and Tiptonville in Tennessee.
RBC Daniels acted as exclusive financial advisor, and K&L Gates LLP acted as legal advisor to NewWave on this transaction. Edwards Wildman Palmer LLP served as legal advisor to Time Warner Cable.
About Time Warner Cable
Time Warner Cable Inc. (NYSE: TWC) is among the largest providers of video, high-speed data and voice services in the United States, connecting more than 14 million customers to entertainment, information and each other. Time Warner Cable Business Class offers data, video and voice services to businesses of all sizes, cell tower backhaul services to wireless carriers and, through its NaviSite subsidiary, managed and outsourced information technology solutions and cloud services. Time Warner Cable Media, the advertising arm of Time Warner Cable, offers national, regional and local companies innovative advertising solutions. More information about the services of Time Warner Cable is available at www.timewarnercable.com, www.twcbc.com, www.navisite.com, and www.twcmedia.com.
About NewWave Communications
NewWave Communications was founded by its management team and Pamlico Capital in 2003 and provides communications services including high-speed data, cable television and telephone to smaller, non-urban communities in the Midwest. The company, headquartered in Sikeston, Missouri will continue to serve more than 80,000 customers in Illinois, Indiana, Missouri and Arkansas after this transaction is closed. Pamlico Capital is a middle-market private equity firm headquartered in Charlotte, North Carolina and has over $2 billion under management.
Time Warner Cable