Cable One, Inc. [NYSE: CABO] revealed that the enterprise has inked a definitive contract to purchase the equity interests that the company doesn’t possess in Hargray Acquisition Holdings, LLC. On fully diluted premises the equity interests to be purchased by Cable One address nearly 85 percent of Hargray.
Since October 1, 2020, the enterprise has been a minor shareholder in Hargray when the Firm gave its system serving Anniston, Alabama, and neighboring zones to Hargray in return for equity interests addressing around 15 percent of Hargray on a fully diluted premise.
The acquisition will aid in expanding Cable One’s footprint in the Southeastern United States and will furthermore empower the company to benefit from Hargray’s experience and skill in fiber extension. The acquisition implies a $2.2B enterprise value for 100 percent of the equity interest of Hargray.
Michael Gottdenker, Hargray Chairman and CEO, said, “CableOne and Hargray have strikingly comparative societies, beginning with each organization’s focus on pleasing its clients. Having driven Hargray for almost 14 years, and have been able to know Cable One well in the course of recent years, I am amped up for this transaction and am sure that our associates, clients, and networks will keep on flourishing under Cable One’s possession.”
Julie Laulis, President and CEO of Cable One said “We look forward to additional uniting with Hargray to broaden our footprint in the Southeast through Hargray’s rapidly developing business sectors and dedication to delivering quick and dependable network access to rural markets. This acquisition will also act as a probable stage for upcoming natural and non-natural development in the locale as we hope to keep growing our presence”