- Cable One (NYSE:CABO) enters into a joint venture with affiliates of GTCR, Stephens Capital Partners and The Pritzker Organization, and certain members of the management team for the JV (or investors).
- The JV, Clearwave Fiber, holds CABO's subsidiary Clearwave Communications and certain fiber assets of CABO's unit Hargray Communications.
- Clearwave Fiber plans to invest heavily in bringing Fiber-to-the-Premise (FTTP) service to residential and business customers.
- CABO will receive no cash proceeds from the deal and will own a majority of the JV.
- The investors will make substantial investments to support the JV's expansion and will be represented on its board with certain governance rights.
- Clearwave Fiber will be led by CABO's executive chairman Michael Gottdenker and CEO David Armistead.