Cogeco Unit To Buy MetroCast Cable Systems From Harron Communications For $1.4 Billion

Canada's Cogeco Communications Inc. said Monday its Atlantic Broadband unit has agreed to buy all of the cable systems operating under the MetroCast brand name from Harron Communications LP for $1.4 billion in cash. MetroCast has a network of close to 236,000 homes and businesses in New Hampshire, Maine, Pennsylvania, Maryland and Virginia and serves 120,000 internet, 76,000 video and 37,000 telephony customers. The company is expecting to generate $230 million of revenue in 2017. "With this acquisition, we are increasing our customer base in attractive markets adjacent to the ones we currently serve," Cogeco Chief Executive Louis Audet said in a statement. The deal is expected to close in January of 2018 and will be financed secured debt provided by two banks and an equity investment by Caisse de d�p�t et placement du Qu�bec.