Cleary Gottlieb is representing Astound Broadband (Astound), a portfolio company of TPG Capital and the sixth largest U.S. cable operator in the United States, in its announced sale to Stonepeak Infrastructure Partners for $8.1 billion.
The transaction was announced on November 1, 2020.
Astound operates leading regional providers RCN, Grande, WAVE, and enTouch. Cleary represented TPG in its acquisition of RCN and Grande in 2017 and the subsequent acquisition of WAVE in 2018. Cleary also represented Astound in its recent offering of $1.9 billion of notes and refinancing of its $3.1 billion credit facility, which refinancing transaction included innovative portability and redemption features in connection with a change of control transaction.
Astound provides award-winning high-speed internet, broadband communications solutions, digital TV, phone services, and fiber optic solutions for residential and business customers across the United States.
TPG is a leading global alternative asset firm founded in 1992 with approximately $83 billion of assets under management. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth equity, real estate, and public equity.
Stonepeak Infrastructure Partners is an infrastructure-focused private equity firm headquartered in New York with $25.2 billion of assets under management.
For more information, please see the press release here.