Rural Broadband Investments (RBI), a US cable company backed by Chicago-based private equity firm GTCR, has entered into an agreement to acquire NewWave Communications from Pamlico Capital. According to a company statement, RBI was established last year with the purpose of acquiring broadband infrastructure assets in small and mid-sized communities. NewWave is the 22nd largest multiple system operator (MSO) in the country passing approximately 250,000 homes and serving over 90,000 customers in rural Illinois, Indiana, Missouri and Arkansas. The NewWave deal is expected to be the first in a series of acquisitions pursued by RBI, which plans to snap up 300,000-400,000 cable subscribers in small-to-mid-sized rural markets to deliver a wide range of services to residential and commercial customers. ‘The acquisition of NewWave Communications is a great first step and provides us with an excellent platform to build upon,’ said Phil Spencer, CEO of RBI, adding: ‘NewWave has done an outstanding job upgrading its network, moving to DOCSIS 3.0 and constructing fibre to tie their markets together. These efforts give us an outstanding platform to roll out enhanced video, voice and high speed internet services as well as advanced commercial services.’
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