Wikipedia

Astound Broadband

Astound Broadband is an American telecommunications holding company based in Princeton, New Jersey. It was formed on January 24, 2018, with the completion of the $2.36 billion purchase of Kirkland-based Wave Broadband by private-equity firm TPG Capital. TPG combined Wave with its existing combination of Princeton-based RCN Corporation and San Marcos-based Grande Communications, both of which were acquired on February 1, 2017, in a $2.25 billion deal; TPG bought RCN for $1.6 billion and Grande for $650 million.[1][2][3][4]

Astound Broadband
Company typeSubsidiary
IndustryTelecommunications
FoundedJanuary 24, 2018
Headquarters
Princeton, New Jersey
,
United States
Services
ParentStonepeak Infrastructure Partners
Divisions
Websiteastound.com

While TPG held the Internet providers as an unnamed collective unit, they somewhat maintained independence from each other despite sharing resources. TPG then expanded the unit with its purchase of Houston-based enTouch Systems on September 18, 2020, for an undisclosed sum.[5][6] Less than two months later, Stonepeak Infrastructure Partners announced on November 1 that it would purchase the unit, by then named Astound after a previous name used by Wave in San Francisco, from TPG for $3.6 billion along with $4.5 billion in debt through a leveraged buyout;[6][7][8] TPG had explored selling Astound due to the increased demand for Internet bandwidth during the COVID-19 pandemic.[9] Astound's expansion continued with its purchase of San Luis Obispo-based Digital West on January 26, 2021, also for an undisclosed sum.[10]

History as Internet service provider

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Astound Broadband was a provider of cable TV, broadband internet, and telephone services on the West Coast, and served over 325,000 residential and business customers within communities in the San Francisco Bay Area. Astound provided services via their fiber-optic network, including high speed internet, digital cable, home phone service, international programming, DVR, HDTV, and TV On Demand.[11]

Astound Broadband was part of WaveDivision Holdings, LLC, which is headquartered in Kirkland, Washington. On May 1, 2015, Astound Broadband in San Francisco adopted the parent company's name and was rebranded Wave, which offers the same services to the same geographical areas.[12]

References

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  1. ^ Farrell, Mike (January 24, 2018). "TPG Completes Wave Broadband Deal". Multichannel News. Future Publishing. Retrieved February 18, 2021.
  2. ^ Janjua, Urooj (February 2, 2017). "TPG completes acquisition of Grande Communications and RCN". S&P Global Market Intelligence. Retrieved February 18, 2021.
  3. ^ Lerman, Rachel; Day, Matt (May 22, 2017). "Kirkland-based Wave Broadband to be sold for $2.4 billion". The Seattle Times. Retrieved February 18, 2021.
  4. ^ Dinges, Gary (September 15, 2016). "San Marcos-based Grande Communications sold in $2.5 billion deal". Austin American-Statesman. Gannett. Retrieved February 18, 2021.
  5. ^ Robuck, Mike (September 18, 2020). "RCN, Grande Communications and Wave Broadband close deal to buy Houston-based EnTouch Systems". FierceTelecom. Questex. Retrieved February 18, 2021.
  6. ^ a b Silverman, Dwight (November 2, 2020). "Houston-based enTouch System's new owner has a new owner". Houston Chronicle. Hearst. Retrieved February 18, 2021.
  7. ^ Gottfried, Miriam (November 1, 2020). "Stonepeak Infrastructure to Buy Cable Provider Astound Broadband". Wall Street Journal. Dow Jones & Company. Retrieved February 18, 2021.
  8. ^ Osbourne, Charlie (November 2, 2020). "Stonepeak acquires Astound Broadband in $8.1 billion deal". ZDNet. Red Ventures. Retrieved November 2, 2020.
  9. ^ Franklin, Joshua (August 31, 2020). "Exclusive: TPG explores $8 billion sale of U.S. cable operator Astound". Reuters. Retrieved February 18, 2021.
  10. ^ Fountain, Matt (January 26, 2021). "SLO company Digital West sold to broadband provider. What does that mean for customers?". The Tribune (San Luis Obispo). McClatchy. Retrieved February 18, 2021.
  11. ^ Young, Jensen (October 19, 2023). "What caused the Astound Broadband internet outage and what issues arose as a result?". cbs7.com. CBS 7. Retrieved December 28, 2023. Astound Broadband had an outage for most of Wednesday afternoon and evening.
  12. ^ "Astound is now Wave in San Francisco Bay Area" (Press release). Wave Broadband. May 1, 2015. Retrieved June 19, 2017.[permanent dead link‍]
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