Private equity firm TPG Global LLC plans to buy Wave Broadband for $2.37 billion.
The deal will create the sixth-largest US cable operator, as it combines privately-held Wave with RCN Telecom Services LLC and Grande Communications Networks, both of which TPG bought earlier this year. they all have a business services approach.
“Whether it’s the number of devices, or increasing content consumption or the connected home, what it all comes back to is fast reliable broadband,” TPG Capital Partner David Trujillo told Reuters.
The transaction is expected to close in the second half of the year. Wave CEO Steve Weed will become a director of RCN when the deal closes.