Charter snaps up Missouri systems from US Cable
Charter Communications has closed a deal to buy systems in Missouri from US Cable that serve approximately 16,000 subscribers.
The acquisition by Charter is slated to close in the third quarter of this year. Financial terms weren't available. The Missouri systems include the communities of Hannibal, Mexico and Moberly.
"Charter has a major presence in Missouri, serving customers in 25 counties, so these acquired systems – the Hannibal, Mexico and Moberly operations – have a strong geographic link with other communities Charter is serving in the state," said Charter's president of operations Steven Apodaca. "With our headquarters located in St. Louis, Charter is pleased to have these cities become part of our largest regional systems, which furthers Charter's geographic clustering strategy."
The systems being acquired currently offer customers digital video, HDTV, high-speed Internet and phone services.
"We have enjoyed working with Charter on this transaction," said Jim Pearson, president and CEO of US Cable. "They have an excellent reputation in Missouri, and we feel sure our customers will continue to receive outstanding customer service and the next level of enhanced products. I am proud of our team and all that we have accomplished."
Waller Capital, a New York-based investment bank, served as the exclusive financial advisor to US Cable.
Charter, the nation's fourth-largest cable operator, is reportedly shopping its system in Los Angeles, while bidding is underway for Insight Communications.
Last year, Charter sold off systems that served 65,000 subscribers to Cobridge Communications, which included some subscribers in Missouri.
Cable operators have been jockeying for position with their systems in an effort to "edge out" their footprints by buying adjoining networks from other MSOs.
Earlier this month, Time Warner Cable agreed to acquire cable systems serving about 70,000 video subscribers from NewWave Communications for $260 million in cash.