Atlantic Broadband to Acquire Cable Systems Serving 235,000 Subscribers from Charter; New Company Will Be Top 20 Cable MSO.Business Editors BOSTON--(BUSINESS WIRE)--Sept. 3, 2003 Atlantic Broadband Atlantic Broadband is one of the top 20 cable operators in the United States with over 250,000 customers. The company services the regions of: Florida, Maryland/Delaware, South Carolina and Western Pennsylvania.[1] Website Controversy The AtlanticBroadband. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , formed by ABRY Partners ABRY Partners is a private equity firm headquartered in Boston, Massachusetts that focuses on investments in media. Since 1989, the firm has completed over $18.0 billion of leveraged transactions and other private equity and mezzanine investments, representing investments in more , David J David J. Haskins (b. April 24, 1957, in Northampton, England) is a British alternative rock musician. He was the bassist for the seminal gothic rock band Bauhaus. Life and work . Keefe and Edward T. Holleran, Jr., has announced that it will acquire cable systems representing 235,000 subscribers from Charter Communications Charter Communications NASDAQ: CHTR is an American company providing cable television, high-speed Internet, and telephone services to more than 5.7 million customers in 29 states. It is the third-largest publicly traded cable operator in the U.S. . The systems include operations based in Miami Beach, FL, Altoona and Johnstown, PA, Uniontown, PA and Cumberland, MD as well as clusters in Middletown, DE and Queen Anne's County MD. Several properties are also located in West Virginia and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State. The systems are comprised of three operating clusters: Miami Beach which serves approximately 51,000 subscribers, Western Pennsylvania which serves approximately 161,000 subscribers and Maryland-Delaware which serves approximately 23,000 subscribers. Approximately 79% of the homes in the clusters are passed by two-way active plant and over 70% of the homes are passed by plant upgraded to 750 MHz (MegaHertZ) One million cycles per second. It is used to measure the transmission speed of electronic devices, including channels, buses and the computer's internal clock. A one-megahertz clock (1 MHz) means some number of bits (16, 32, 64, etc. or higher bandwidth. ABRY, based in Boston Massachusetts, is one of the oldest and largest private equity funds in North America investing exclusively in the media and communications industries. ABRY has over $2.0 billion of capital under management and since 1989 has completed over $7.0 billion of leveraged transactions in the media and communications industries. ABRY was the principal investor in Avalon Cable which was sold in 1999 and is currently an investor with Oak Hill Capital Partners LP in WideOpenWest, the 14th largest cable operator in the United States. ABRY partner Jay Grossman commented, "We are delighted with the opportunity to acquire cable systems with significant upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar and are fortunate to be partners with Dave and Ed. They bring a wealth of experience and a depth of knowledge that will be invaluable as we operate and grow these properties. We have enormous confidence in them and in the potential presented by this purchase." He noted that the systems, which are largely rebuilt, provide a strong network platform from which Atlantic can continue to capitalize on the growth of high-speed data and digital video services. Keefe, Atlantic's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , has more than thirty years in the cable television industry and was part of the founding group of American Cablesystems. Keefe has built and managed cable systems in the United States, Asia, Europe and South America. Keefe said, "Ed and I are extremely excited about this opportunity and we are very fortunate to have such a strong equity partner in ABRY." Keefe described one of Atlantic's top priorities to include the upgrade of the Maryland-Delaware cluster, which will enable the company to offer high-speed data in those systems. Holleran, Atlantic's President and COO, began his career in cable when he joined American Cablesystems in 1982 as General Manager of its Arlington, Massachusetts system. He enjoyed a number of progressively responsible senior management positions with American and later with Continental Cablevision and MediaOne. As Vice President of High Speed Data Services, he led Continental and MediaOne's launch of high-speed Internet services, first in the New England region and then nationally. Holleran has since consulted to a number of media and telecommunications firms. The Charter acquisition is an asset purchase valued at $765 million. When completed, Atlantic Broadband will rank as the nation's 16th largest cable operator. In addition to ABRY, equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. was provided by its long-term cable investment partner, Oak Hill Capital Partners LP, as well as other minority equity investors. |
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