Daily Management Review

US Stonepeak buys cable TV provider Astound for $8.1B


Investment firm Stonepeak Infrastructure Partners announced purchase of the American cable operator Astound Broadband. The transaction is valued at $8.1 billion, including the operator's debt.

The deal will be the largest transaction on the market in the last five months and the largest purchase for investment funds in the US this year.

Astound is the sixth largest cable operator in the US and is owned by TPG Capital, an investment company. The operator is managed by the advertising agency Patriot Media Group, with which Stonepeak has previously signed a partnership agreement. 

As stated in the press release, Astound's current CEO, Jim Holanda, and his team from Patriot Media will continue to manage the company once the deal with Stonepeak is completed. The closure is scheduled for the second quarter of 2021.

According to Bloomberg, citing its own sources, a consortium of Blackstone Group and I Squared Capital aimed at Astound as well.

source: bloomberg.com