Cable One to take full ownership of Hargray Communications in $2.2bn deal
Cable One has agreed to take full ownership of Hargray Acquisition Holdings, the holding company of South Carolina-based telecommunications company Hargray Communications by acquiring the remaining stake of around 85% it previously didn’t own.
The deal values 100% of Hargray Communications at $2.2 billion.
Cable One said that the deal will help it expand its footprint into the Southeastern US and will enable the broadband communications provider to leverage the experience and expertise of Hargray Communications in fiber expansion.
Julie Laulis – Cable One President and CEO said: “We look forward to further partnering with Hargray to extend our presence in the Southeast through Hargray’s fast-growing markets, like-minded strategy, and commitment to providing fast and reliable internet service to rural markets.
“This transaction will also serve as a potential platform for future organic and inorganic growth in the region as we look to continue to expand our footprint.”
Cable One to take full ownership of Hargray Communications in $2.2bn deal. Photo courtesy of Adrian Malec from Pixabay.
Hargray Communications caters to residential and business customers in 14 markets across the US states of Alabama, Georgia, Florida, and South Carolina.
The company provides gigabit-capable services to nearly 99% of its customers.
Michael Gottdenker – Hargray Communications Chairman and CEO said: “Cable One and Hargray have remarkably similar cultures, starting with each company’s focus on delighting its customers.
“Having led Hargray for nearly 14 years, and having gotten to know Cable One well over the past few years, I am excited about this transaction and am confident that our colleagues, customers, and communities will continue to thrive under Cable One’s ownership.”
The deal, which is subject to receipt of certain regulatory approvals and other customary closing conditions, is likely to be wrapped up during Q2 2021.