WOW wraps sale of Knology
WOW has completed the acquisition of Knology, which by its estimation now makes it the ninth-largest MSO in the U.S.
The combined company will be privately held; as a result, Knology will be delisted from the Nasdaq board starting immediately.
The acquisition, announced in April, is an all-cash transaction, with WOW acquiring Knology by merger for $19.75 per share in cash, for a total value of approximately $1.5 billion.
“We’re pleased to have completed this transaction so expeditiously and are excited to operate together as a combined entity. We have the people, network and operating infrastructure to ensure sustained success. We are honored to welcome Knology employees to the WOW family and are committed to providing all of our customers with services that meet their needs, at a great value, backed by award-winning customer experiences,” said Colleen Abdoulah, WOW’s CEO and chairwoman of the board.
Abdoulah will continue in her role as CEO for the company. Steven Cochran is WOW’s president. Todd Holt, former Knology chief financial officer and president, has been named WOW’s CFO, reporting to Cochran.
“This combination provides us with the diversification to further develop growth opportunities, both residentially and commercially. We are confident taking the best of both companies will create even greater benefits for our team members and our customers. We are thrilled to welcome the Knology employees into WOW,” Cochran said.
WOW operates in Michigan, Illinois, Ohio and Indiana, while Knology serves the Southeastern and Midwestern United States. Services provided by the combined entity are available to more than 2.8 million households in 13 states.