HILTON HEAD, S.C. – Hargray Communications announced today an agreement for Cable One, Inc. to contribute to Hargray its Alabama assets, comprised of its system serving Anniston, Alabama and surrounding areas.
Under the terms of the agreement, Cable One will hold a minority equity interest in Hargray upon closing. The transaction, expected to close this fall pending regulatory approvals, will add residential and commercial customers to Hargray's expanding business in the southeastern United States and will expand Hargray's meaningful presence in Alabama where Hargray already serves neighboring Pell City.
"At a time when reliable, high-speed Internet access has never been more essential to enable people and communities to connect and thrive, we are pleased to add the Alabama assets of Cable One to our growing portfolio," said Michael Gottdenker, Hargray Chairman & CEO. "We look forward to building upon Cable One's network investments to deliver premium communications products and solutions to homes and businesses in Anniston, Jacksonville, Oxford, and the surrounding communities."
"We believe Hargray, whose values mirror our own, will be an excellent fit for the Anniston community. Hargray will be able to use its regional scale to further invest in the Anniston market while continuing to provide Anniston customers with the latest technological advancements and the highest level of customer care," said Julie Laulis, Cable One President and CEO. "Additionally, and as a result of this transaction, Cable One will have the opportunity to share in Hargray's growth while increasing our opportunities for continued investment."
Hargray will build upon Cable One's prior investments to further enhance the network and provide next-generation products and services to homes including 1 Gbps high speed Internet with Wall-to-Wall Wi-Fi and premium TV with access to a prime selection of programs on-the-go. Businesses will enjoy enhanced data, voice, and video services, including hosted unified communications, metro-ethernet, symmetrical and asymmetrical Internet, and video services customized for various commercial applications.
Current Cable One customers (under the Sparklight brand) can expect to receive timely and transparent communications throughout the transition to Hargray. For information, please visit hargray.com/CableOne.
Hargray is owned by a long-term investor group led by The Pritzker Organization, the merchant bank for the Tom Pritzker family. In addition to The Pritzker Organization, the investor group currently includes Stephens Capital Partners, Redwood Capital Investments, WaveDivision Capital, and management.
Read the full announcement here.