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Phoenix-based cable company Cable One Inc (NYSE:CABO) announced Monday that it's buying Fidelity Communications' data, voice and video business assets in a $525.9-million cash deal.
What Happened
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Fidelity, a family-owned cable operator based in Sullivan, Missouri, has a network that passes about 190,000 homes, according to Monday's announcement.
The company has approximately 114,000 residential primary service units and 20,000 business PSUs.
Fidelity's assets include upgraded systems and a high-capacity plant, more than 5,100 network plant miles and over 1,600 fiber route miles, Cable One said.
More than half of Fidelity's revenue comes from residential high-speed data and business services.
Why It's Important
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"Fidelity is a fantastic geographical, cultural and business fit. Its operating philosophy and customer-centric focus are similar to our own. That, coupled with future growth opportunities within or near our existing footprint, make this an exciting acquisition," Julie Laulis, president and CEO of Cable One, said in a statement.
Cable One said it expects to realize $15 million in estimated annual run-rate cost synergies within three years of closing the purchase of Fidelity's assets.
The deal should provide estimated tax benefits of about $87 million on a present value basis, Cable One said.
What’s Next
The deal is subject to regulatory approval and customary closing conditions and is expected to close in the fourth quarter of 2019, according to Cable One.
Cable One shares were up 0.93 percent at $991.17 at the time of publication Monday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.