Cogeco cable has agreed to buy Atlantic Broadband for
$1.36 billion, letting it expand into the U.S. after a failed
attempt to gain a foothold in Europe.
Cogeco is purchasing the company from private-equity firms
Abry Partners and Oak Hill Capital Partners in a deal that’s
expected to be completed by year-end, the Canadian company said
today in a statement. Quincy, Massachusetts-based Atlantic
Broadband operates cable systems in Pennsylvania, Florida,
Maryland, Delaware and South Carolina.
For Cogeco, today’s deal raises investor concerns that the
company is making another risky international gamble, sending
the shares down as much as 17 percent. Cogeco is pushing into
the U.S. after abandoning the struggling European market, where
it wrote off the value of its Portuguese acquisition Cabovisao-
Televisao por Cabo SA and lost $248 million last year.
Wednesday, July 18, 2012
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