Verizon Enters Agreement to Acquire Cable Operator WideOpenWest
Colorado-based cable company WideOpenWest Inc. announced on Tuesday that it has agreed to sell its Chicago fiber network to a Verizon Communications (VZ) - Get Report subsidiary for $225 million in cash.
The two companies also agreed that Verizon will pay WOW another $50 million to finalize its planned build-out of the fiber network in Chicago.
The network is expected to be finished during the second half of 2018. Upon its completion, it will provide backhaul services to over 500 macro-cell wireless sites and more than 500 small-cell wireless sites, the companies said.
"We're pleased to have reached an agreement to sell our Chicago fiber asset to Verizon," said Steven Cochran, Chief Executive Officer of WOW!. "This transaction is consistent with WOW!'s stated objective of reaching an optimal leverage profile and allows us to continue to focus on areas of growth for residential and commercial services with our internet centric-outlook and emphasis on expanding our markets through edge-out builds."
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