By Milana Vinn
NEW YORK (Reuters) – A group including DigitalBridge and Crestview Partners is attempting to clinch a deal to acquire WideOpenWest, in what would cap a year-long effort to take the broadband and cable services provider private, according to people familiar with the matter.
The deliberations between the bidding group and WideOpenWest have progressed in recent weeks and a deal could come together in the coming weeks, if the talks don’t hit a snag, the sources said, requesting anonymity as the discussions are confidential.
The two sides are yet to agree on all the terms and it’s possible that no deal will be signed, the sources added. The latest offer price could not be learned.
In May, WideOpenWest received a non-binding offer worth about $406 million from DigitalBridge and Crestview, which currently holds a 37% stake in the company. The offer represented a 32% premium over the company’s closing price on May 1.
WideOpenWest’s shares were trading at $4.85 on Friday, close to the offer price from the DigitalBridge-led group.
On its post-earnings call in August, Chief Executive Teresa Elder said that the offer was being reviewed by a special committee of independent directors.
WideOpenWest, Crestview, and DigitalBridge declined to comment.
Englewood, Colorado-based WideOpenWest provides broadband and cable services to nearly 2 million residential customers and businesses in 19 states across the Midwest and Southeast, making it one of the largest cable operators in the United States.
In October, the company struck a deal with lenders to raise about $200 million and restructure its debt. As of Dec. 31, the company held roughly $1.02 billion of long-term debt.
(Reporting by Milana Vinn in New York; Editing by Cynthia Osterman)
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