ST. LOUIS, June 24, 2011 /PRNewswire/ — Charter Communications, Inc. (NASDAQ: CHTR) today announced a definitive agreement to acquire cable television systems from US Cable of Coastal Texas, LP serving, in aggregate, approximately 16,000 customers in Missouri, including the communities of Hannibal, Mexico and Moberly.
Charter President, Operations, Steven Apodaca said, "Charter has a major presence in Missouri, serving customers in 25 counties, so these acquired systems – the Hannibal, Mexico and Moberly operations – have a strong geographic link with other communities Charter is serving in the state. With our headquarters located in St. Louis, Charter is pleased to have these cities become part of our largest regional systems, which furthers Charter’s geographic clustering strategy."
Charter serves more than 5 million homes and businesses in 25 states across the country and is committed to providing the best communications and entertainment experience for its customers. The systems being acquired currently offer customers digital video, HDTV, high-speed Internet and phone services.
The acquisition is expected to close in the third quarter of 2011.
"We have enjoyed working with Charter on this transaction," said Jim Pearson, President and Chief Executive Officer of US Cable. "They have an excellent reputation in Missouri and we feel sure our customers will continue to receive outstanding customer service and the next level of enhanced products. I am proud of our team and all that we have accomplished."
Waller Capital, a New York-based investment bank, served as the exclusive financial advisor to US Cable. The purchase price was not disclosed.
Charter is a leading broadband communications company and the fourth-largest cable operator in the United States. Charter provides a full range of advanced broadband services, including advanced Charter TV® video entertainment programming, Charter Internet® access, and Charter Phone®. Charter Business® similarly provides scalable, tailored, and cost-effective broadband communications solutions to business organizations, such as business-to-business Internet access, data networking, business telephone, video and music entertainment services, and wireless backhaul. Charter’s advertising sales and production services are sold under the Charter Media® brand. More information about Charter can be found at charter.com.
About US Cable
US Cable of Coastal Texas, LP is a partnership between Comcast Corp (NASDAQ: CMCSA) and private investors led by Stephen E. Myers. US Cable continues to operate systems in Colorado, Texas and New Mexico.
SOURCE Charter Communications, Inc.