Stonepeak Infrastructure Partners has announced that it has entered into a definitive agreement to acquire Astound Broadband (Astound), the sixth-largest U.S. cable operator in the United States that operates leading regional providers RCN, Grande, Wave, and enTouch. Stonepeak will acquire the company from TPG Capital and Patriot Media Management for US$ 8.1 billion. The transaction is expected to close in the second quarter of 2021 and is subject to customary closing conditions, including regulatory approvals.

Stonepeak is partnering with Patriot Media, the company has built modern, top-quality, high-speed communications infrastructure networks that offer gigabit speeds serving eight of the top ten largest metro areas throughout the United States. As part of the partnership with Stonepeak, Patriot Media will continue to invest significantly in the network and in technology, enabling the company to expand and grow its fiber rich infrastructure, deliver gigabit per second high-speed data services and create the premier internet experience in their markets.

BofA Securities and Lazard are acting as financial advisors to Stonepeak, and Simpson Thacher & Bartlett LLP is serving as legal counsel. J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as financial advisors to Astound, and Cleary Gottlieb Steen & Hamilton, LLP and Seyfarth Shaw, LLP are serving as legal counsel.