ENGLEWOOD, Colo., Nov. 1, 2021 /PRNewswire/ -- WOW! Internet,
Cable & Phone (NYSE: WOW), a leading broadband service
provider, today announced the completion of the sale of its
Chicago, Evansville, Indiana, and Anne Arundel, Maryland service areas to
Radiate HoldCo, LLC, a telecommunications holding company
affiliated with RCN Telecom Services, LLC, Grande Communications
Networks, LLC and WaveDivision Holdings, LLC (collectively "Astound
Broadband") for $661 million.
The completion of the Astound Broadband transaction follows
WOW!'s completed sale of its Cleveland and Columbus, Ohio service areas to Atlantic
Broadband, announced in September
2021. Combined, the two transactions have generated gross
proceeds of $1.8 billion, enabling
WOW! to significantly lower its debt, strengthen the company's
financial position and accelerate its broadband-first strategy.
"The completion of the Astound Broadband transaction is another
important step in the execution of our broadband-first strategy,"
said Teresa Elder, CEO of WOW!. "We
remain committed to providing customers with reliable, accessible
and fast broadband solutions, and now we have an even greater
ability to enhance our network and expand our footprint through
greenfield and Edge-out opportunities."
Since announcing the sale in June
2021, WOW! has worked with Astound Broadband to ensure a
seamless transition of its employees and customers in the
Chicago, Evansville, Indiana, and Anne Arundel, Maryland, service areas to
Astound Broadband. WOW! has entered into a Transition Services
Agreement with Astound Broadband to support continuity of service
during the transition period following the completion of the
transaction.
BofA Securities acted as financial advisor to WOW!, and
Wachtell, Lipton, Rosen & Katz, as well as Honigman LLP, served
as legal counsel. Simpson Thacher & Bartlett LLP and
Kelley Drye & Warren LLP served
as legal counsel to Astound Broadband.
About WOW! Internet, Cable & Phone
WOW! is one of
the nation's leading broadband providers, with an efficient,
high-performing network that passes 1.9 million residential,
business and wholesale consumers. WOW! provides services in 14
markets, primarily in the Midwest and Southeast, including
Michigan, Alabama, Tennessee, South
Carolina, Florida and
Georgia. With an expansive
portfolio of advanced services, including high-speed Internet
services, cable TV, phone, business data, voice, and cloud
services, the company is dedicated to providing outstanding service
at affordable prices. WOW! also serves as a leader in exceptional
human resources practices, having been recognized seven times by
the National Association for Business Resources as a Best &
Brightest Company to Work For, winning the award for the last three
consecutive years. Visit wowway.com for more
information.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements in this press release that are
not historical facts contain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements represent our goals,
beliefs, plans and expectations about our prospects for the future
and other future events. Forward-looking statements include all
statements that are not historical fact and can be identified by
terms such as "may," "intend," "might," "will," "should," "could,"
"would," "anticipate," "expect," "believe," "estimate," "plan,"
"project," "predict," "potential," or the negative of these terms.
Although these forward-looking statements reflect our good-faith
belief and reasonable judgment based on current information, these
statements are qualified by important factors, many of which are
beyond our control that could cause our actual results to differ
materially from those in the forward-looking statements. These
factors and other risks that could cause our actual results to
differ materially are set forth in the section entitled "Risk
Factors" in our Annual Report filed on Form 10-K with the
Securities and Exchange Commission ("SEC") on February 24, 2021, and also include the following
factors: uncertainties relating to the use of proceeds from the
closing of the recent sales of the Illinois, Indiana and Maryland service areas (the "transactions");
the effect of the transactions on the Company's ability to retain
key personnel and to maintain relationships with customers,
suppliers and other business partners; and risks relating to
potential diversion of management attention from the Company's
ongoing business operations. Given these uncertainties, you should
not place undue reliance on any such forward-looking statements.
The forward-looking statements included in this report are made as
of the date hereof or the date specified herein, based on
information available to us as of such date. Except as required by
law, we assume no obligation to update these forward-looking
statements, even if new information becomes available in the
future.
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SOURCE WideOpenWest, Inc.