A Consortium submitted a preliminary non-binding proposal to acquire unknown remaining shares of WideOpenWest, Inc. from group of sellers for $410 million in a equity reinvestment transaction
May 01, 2024
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A Consortium submitted a preliminary non-binding proposal to acquire unknown remaining shares of WideOpenWest, Inc. (NYSE:WOW) from group of sellers for $410 million in a equity reinvestment transaction on May 2, 2024. Consortium will pay $4.8 in cash for each share of WideOpenWest. The equity financing would be funded by affiliated investment funds of DigitalBridge and a rollover by the current investors of 100% of their Class A Shares. DigitalBridge Investments, LLC (?DBP?) and Crestview Partners III GP, L.P., Crestview W1 Holdings, L.P., Crestview W1 TE Holdings, LLC, Crestview W1 Co-Investors, LLC and Crestview Advisors, L.L.C. (collectively, ?Crestview?). Each of DBP and Crestview is referred to herein as a ?Party?, and together as the ?Parties? or the ?Consortium?. DBP and Consortium each will own 50% stake in the WideOpenWest after closing of transaction. The transaction is subject to approval of WideOpenWest board of directors.
Gabriel Silva and Keegan Lopez of Simpson Thacher & Bartlett LLP acted as legal advisor to DigitalBridge. Michael Davis of Davis Polk & Wardwell LLP acted as legal advisor to Crestview. LionTree Advisors LLC acted as financial advisor to the Consortium.
WideOpenWest, Inc. is a broadband provider, which offers a portfolio of advanced services, including high-speed data (HSD), cable television (Video) and digital telephony services to residential customers, and offers a full range of products and services to business customers. It offers its services across 16 markets via hybrid fiber-coax network. Its footprint covers certain suburban areas within the states of Alabama, Florida, Georgia, Michigan, South Carolina and Tennessee. Its broadband networks pass approximately 1.9 million homes and businesses and serves 504,100 customers. The Company offers tiered HSD services to residential customers that include high-speed connections to the Internet using cable modems. It offers a connection up to 1.2 GIG. Its broadband network also supports services to business customers, and it has developed a full suite of products for small, medium and large local enterprises. It offers fiber-based services and office-to-office metro Ethernet services.
A Consortium submitted a preliminary non-binding proposal to acquire unknown remaining shares of WideOpenWest, Inc. from group of sellers for $410 million in a equity reinvestment transaction
WIDEOPENWEST, INC. 
