TWC to buy systems from NewWave for $260M
NEW YORK (AP) – Time Warner Cable, the nation's second-largest cable TV company, has agreed to acquire cable systems serving about 70,000 video subscribers from NewWave Communications for $260 million in cash.
The deal also includes 42,000 high-speed data subscribers and 26,000 phone subscribers. The customers are in Kentucky and western Tennessee.
The purchase is subject to regulatory approval and is expected to close in the final three months of the year.
Time Warner Cable COO Rob Marcus said the acquisition allows the company to expand its footprint at a favorable price.
Time Warner Cable shares rose 12 cents to $73.93 in early afternoon trading Monday.
NewWave is based in Sikeston, Mo., and serves another 80,000 customers in Illinois, Indiana, Missouri and Arkansas.