Broadstripe parceled out to Wave, WOW
Wave Broadband and WOW are set to divvy up the assets of Broadstripe, which filed for Chapter 11 bankruptcy protection in January 2009.
Broadstripe has networks in Maryland, Michigan, Oregon and Washington.
Wave Broadband will acquire the Washington and Oregon properties, which reach more than 103,000 homes. The purchased operations will be a geographic complement to Wave's current operations in California, Oregon and Washington. With the acquisition, Wave – which now serves more than 300,000 customers – would grow by a third.
WOW will add 92,000 households from Broadstripe's Michigan systems to the 1.5 million households it already serves in Illinois, Indiana, Michigan and Ohio.
That leaves Broadstripe's network in Anne Arundel County in Maryland. That operation will be acquired by a new entity, Anne Arundel Broadband, which will be run by at least one Broadstripe veteran, John Bjorn, who is Broadstripe's current executive vice president of regional operations.
The sale must be approved by the Bankruptcy Court, and, upon approval, the transition is expected to take up to four months before the sale can be officially completed. Purchase prices were not revealed.
Steve Weed, CEO of Wave Broadband, said: "With this acquisition, Wave continues a tradition of expansion in strategic West Coast markets. Wave's successful growth stems from our sincere commitment to providing superior products and exceptional service to our customers. And we look forward to serving these communities."
"We are very excited about this acquisition and the opportunity to invest and further grow our business. WOW's operating philosophy is to deliver an employee and customer experience that lives up to our name, and we look forward to welcoming Broadstripe's employees and customers into the WOW family," said WOW President Steven Cochran.