RCN to Join With Wave Broadband in $2.37 Billion Deal

Acquiring Wave Broadband will let RCN Telecom Services expand its broadband-related services to the West Coast, RCN parent TPG Capital said Monday, announcing the $2.37 billion deal. In a news release, TPG said it expects to close on the takeover in the second half of 2017, pending regulatory approval. It said Wave and RCN combined will be the sixth largest cable ISP, operating in seven of the nation's 10 largest cities. It said Wave will continue to operate as a branded entity out of its Washington state headquarters, with founder and CEO Steve Weed becoming an RCN director. TPG bought RCN and Grande Communications last year (see 1611160023), with those transactions creating a regional operator in the East Coast, Chicago and Texas.