Stonepeak Infrastructure Partners said it is buying Astound Broadband, the sixth largest U.S. cable-TV provider, for $3.6 billion, in one of the biggest leveraged buyouts this year.
Astound, owned by private-equity firm TPG and cable-management company Patriot Media Management, is the operator of RCN Telecom Services LLC, Grande Communications, Wave Broadband and enTouch Systems.
Based in Princeton, N.J., it provides high-speed-internet, broadband, digital-TV and phone services to more than one million customers in markets around the country including New York City, Chicago, Northern California, Texas and Washington, DC.
Including its $4.5 billion of debt, the deal values Astound at $8.1 billion.