Comcast ( CMCSA) agreed to buy the rest of Susquehanna Communications in a deal valued at $775 million.

Susquehanna serves 225,000 basic cable subscribers, primarily in New York, Pennsylvania, Maine and Mississippi. Susquehanna Pfaltzgraff announced earlier this year that it would sell the business, citing changes in corporate and family circumstances. Comcast already owned 30%.

"These cable systems have been well run and are very complimentary to Comcast's service areas," CEO Brian Roberts said. "We look forward to introducing Comcast's advanced suite of broadband services in these markets soon."

The deal will result in Comcast consolidating the operations of SusCom for a net cash investment of approximately $540 million, or $440 million after taking into account certain tax benefits. The transaction is expected to close in the first half of 2006, subject to various regulatory and customary closing conditions.

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