The transaction, which totalled $2.25 Billion ($1.6 billion and $650 million, respectively), is expected to close in the first quarter of 2017 subject to customary closing conditions, including regulatory approvals.
TPG is partnering with Patriot Media, the team headed by Steve Simmons and Jim Holanda that currently manages both RCN and Grande. RCN and Grande are local broadband providers with technologically-advanced networks that offer a full suite of internet, video, and phone services to both residential and business customers.
The companies have built high-speed communications networks that together serve markets in Austin, Boston, Chicago, Dallas, Lehigh Valley, New York, Pennsylvania, San Antonio, and Washington, DC.
As part of the partnership with TPG, Patriot Media will continue to make investments in the network and in technology that will enable RCN and Grande to expand Gigabit per second high-speed data services.