Altice USA Closes USD 310m Acquisition of Morris Broadband.
MANews-(C)2009-2021
US-based broadband communications and video services provider Altice USA (NYSE: ATUS) has closed the acquisition of the assets of Morris Broadband, LLC, the company said.
The transaction will expand Altice USA's footprint in North Carolina, where it already has a presence with its Suddenlink business, and implies an enterprise value of USD 310m total for the Morris Broadband business on a debt-free and cash-free basis.
Following this acquisition, North Carolina will represent the sixth largest state for Altice USA out of its 21 states of operations in terms of number of residential customers, demonstrating the company's commitment to invest heavily in the region with additional resources and network investments.
Morris Broadband is a rapidly growing broadband communications services company providing high-speed data, video and voice services to approximately 36,500 residential and business customers in western North Carolina.
As of December 31, 2020, Morris Broadband passed approximately 89,000 homes throughout growing communities including Hendersonville, Franklin, Sylva, Nebo and West Jefferson with broadband penetration of approximately 35%.
As part of Altice USA, Morris Broadband will benefit from enhanced scale, operating efficiencies and further investment support that are at the core of the Altice business model and strategy, including accelerated new homes build.
Altice USA's commitment to innovation, best-in-class services, long-term network investments and customer service creates significant benefits and long-term value for customers, employees and shareholders.
Morris Broadband generated approximately USD 13m in Adjusted EBITDA on an annualized basis for the quarter ended...
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