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Astound Broadband
TypeSubsidiary
IndustryTelecommunications
FoundedJanuary 24, 2018
Headquarters,
United States
Services
ParentStonepeak Infrastructure Partners
Divisions
Websiteastound.com

Astound Broadband is an American telecommunications holding company based in Princeton, New Jersey. It was formed on January 24, 2018, with the completion of the $2.36 billion purchase of Kirkland-based Wave Broadband by private-equity firm TPG Capital. TPG combined Wave with its existing combination of Princeton-based RCN Corporation and San Marcos-based Grande Communications, both of which were acquired on February 1, 2017, in a $2.25 billion deal; TPG bought RCN for $1.6 billion and Grande for $650 million.[1][2][3][4]

While TPG held the Internet providers as an unnamed collective unit, they somewhat maintained independence from each other despite sharing resources. TPG then expanded the unit with its purchase of Houston-based enTouch Systems on September 18, 2020, for an undisclosed sum.[5][6] Less than two months later, Stonepeak Infrastructure Partners announced on November 1 that it would purchase the unit, by then named Astound after a previous name used by Wave in San Francisco, from TPG for $3.6 billion along with $4.5 billion in debt through a leveraged buyout;[6][7][8] TPG had explored selling Astound due to the increased demand for Internet bandwidth during the COVID-19 pandemic.[9] Astound's expansion continued with its purchase of San Luis Obispo-based Digital West on January 26, 2021, also for an undisclosed sum.[10]

History as Internet provider

Astound Broadband was a provider of cable TV, broadband internet, and telephone services on the West Coast, and served over 325,000 residential and business customers within communities in the San Francisco Bay Area. Astound provided services via their fiber-optic network, including high speed internet, digital cable, home phone service, international programming, DVR, HDTV, and TV On Demand.

Astound Broadband was part of WaveDivision Holdings, LLC, which is headquartered in Kirkland, Washington. On May 1, 2015, Astound Broadband in San Francisco adopted the parent company's name and was rebranded Wave, which offers the same services to the same geographical areas.[11]

References

  1. ^ Farrell, Mike (24 January 2018). "TPG Completes Wave Broadband Deal". Multichannel News. Future Publishing. Retrieved 18 February 2021.
  2. ^ Janjua, Urooj (2 February 2017). "TPG completes acquisition of Grande Communications and RCN". S&P Global Market Intelligence. Retrieved 18 February 2021.
  3. ^ Lerman, Rachel; Day, Matt (22 May 2017). "Kirkland-based Wave Broadband to be sold for $2.4 billion". The Seattle Times. Retrieved 18 February 2021.
  4. ^ Dinges, Gary (15 September 2016). "San Marcos-based Grande Communications sold in $2.5 billion deal". Austin American-Statesman. Gannett. Retrieved 18 February 2021.
  5. ^ Robuck, Mike (18 September 2020). "RCN, Grande Communications and Wave Broadband close deal to buy Houston-based EnTouch Systems". FierceTelecom. Questex. Retrieved 18 February 2021.
  6. ^ a b Silverman, Dwight (2 November 2020). "Houston-based enTouch System's new owner has a new owner". Houston Chronicle. Hearst. Retrieved 18 February 2021.
  7. ^ Gottfried, Miriam (1 November 2020). "Stonepeak Infrastructure to Buy Cable Provider Astound Broadband". Wall Street Journal. Dow Jones & Company. Retrieved 18 February 2021.
  8. ^ Osbourne, Charlie (November 2, 2020). "Stonepeak acquires Astound Broadband in $8.1 billion deal". ZDNet. Red Ventures. Retrieved November 2, 2020.
  9. ^ Franklin, Joshua (31 August 2020). "Exclusive: TPG explores $8 billion sale of U.S. cable operator Astound". Reuters. Retrieved 18 February 2021.
  10. ^ Fountain, Matt (26 January 2021). "SLO company Digital West sold to broadband provider. What does that mean for customers?". The Tribune (San Luis Obispo). McClatchy. Retrieved 18 February 2021.
  11. ^ "Astound is now Wave in San Francisco Bay Area" (Press release). Wave Broadband. 1 May 2015. Retrieved 19 June 2017.[permanent dead link]