The broadband service provider WideOpenWest, Inc. (NYSE: WOW) has entered into a definitive agreement where affiliates of DigitalBridge Investments, LLC and Crestview Partners will acquire all outstanding shares of WOW! not already owned by Crestview. This all-cash transaction values the enterprise at approximately $1.5 billion, with a per-share offer of $5.20.
This partnership aims to fortify the company's existing stature as a provider of fast and affordable broadband solutions. With a premium of 37.2% to its stock price before an initial take over offer, the transaction offers significant immediate value to WOW!'s shareholders.
The Board of Directors, through a special committee, has unanimously backed this proposal. It is poised to close by either the end of this year or the first quarter of 2026, subject to regulatory and shareholder approvals. Post-transaction, WOW! will transition to a private entity, expediting its journey into new growth avenues.
"Today's announcement is an exciting step for WOW!'s investors, employees and customers," said WOW! CEO Teresa Elder. "WOW!'s next chapter with DigitalBridge and Crestview will bring new and exciting opportunities to our stakeholders and enhance our position as a trusted provider of fast, reliable and affordable broadband solutions."
Jonathan Friesel, Senior Managing Director and Head of Fiber at DigitalBridge, said, "We are excited to partner with Crestview to support this next phase of growth at WOW!... We intend to invest in expanding and upgrading WOW!'s networks, adopting new technologies, and ensuring the organisation has the resources and support needed to continue delivering fast, reliable internet service and a high-quality customer experience at competitive prices."
Brian Cassidy, President and Head of Media at Crestview Partners, said: "This is an exciting day for WOW!, its customers and team members. Through this transaction, the company will deliver immediate value to WOW! stockholders, while bringing in an ideal capital partner in DigitalBridge to support WOW!'s long-term strategy..."
