Broadband provider WOW! to sell five services areas for about $1.8 bln (updated)

WideOpenWest

30/06/2021 11:44

(Adds sale details, background)
    June 30 (Reuters) - U.S. broadband provider WOW! Internet,
Cable & Phone  WOW.N  said on Wednesday it has entered two
separate agreements to sell five of its service areas for about
$1.8 billion.  urn:newsml:reuters.com:*:nPn6RhLCFa
    The company will sell its Cleveland and Columbus service
areas for $1.13 billion to cable operator Atlantic Broadband, a
unit of Canada's Cogeco Communications Inc  CCA.TO .
    WOW's Chicago, Evansville and Anne Arundel service areas
will be acquired by Astound Broadband for $661 million.
    The transactions are expected to close in the second half of
the year and WOW plans to use the proceeds from the deal to
reduce its debt.
    As of March 31, the company's long-term debt was $2.3
billion.
    WOW mainly caters to the southeastern and midwestern
regions, providing high-speed data, cable television and
internet telephony services.

 (Reporting by Eva Mathews in Bengaluru; Editing by Shounak
Dasgupta)
 ((Eva.Mathews@thomsonreuters.com))