Cogeco Cable Inc. has confirmed that it'll be entering the U.S. market after signing a deal to acquire Atlantic Broadband for US$1.36 billion. The latter is the 14th largest cable TV system operator in the U.S.
Atlantic, which is privately owned by ABRY Partners IV, LP and Oak Hill Capital Partners LP, has just over a quarter of a billion basic video customers in Florida, Pennsylvania, Maryland, Delaware and South Carolina.
In a prepared statement, Cogeco's President and CEO Louis Audet said, "This acquisition marks an entry point into the U.S. market for Cogeco. There are sizeable opportunities for growth including: increasing the penetration of the small and mid-sized business segment, and maximizing the bundling potential of services in the residential sector."
This is not Cogeco's first foray into international waters. In 2006 the company purchased Portuguese cable company Caboviaso for $660 million. This year, Cogeco sold off that struggling entity to Altice Group for $59.3 million.