Baja To Buy U.S. Cable8/16/2011 4:04 PM Eastern
US Cable has agreed to sell its remaining systems in Texas, New Mexico and Colorado with about 60,000 revenue generating units, to Baja Broadband, a Ft. Mill, S.C.-based operator with operations in several western states.
The deal is the third transaction for US Cable in the past two months - in June it agreed to sell 33,000 customers in Minnesota and Wisconsin to Midcontinent Communications and 16,000 subscribers in Missouri to Charter Communications.
The Baja deal is the final one for US Cable, which put its roughly 100,000 customers on the block earlier in the year.
"I am proud of our team and will we have accomplished," US Cable CEO James Pearson said in a statement.
New York-based cable investment banker Waller Capital Partners served as exclusive financial advisor to US Cable in the transaction. The purchase price was not disclosed.The deal is scheduled to close in the fourth quarter.
According to its web site, Baja Broadband has about 67,000 customers in Utah, New Mexico and Colorado. Baja is a portfolio company of private equity firms M/C Partners and Columbia Capital.