Charter Communications has completed its sale of cable systems serving approximately 65,000 customers in seven states to Cobridge Communications, which is an affiliate of The Gores Group.
“The sale of these systems furthers our continued strategy to strengthen our clusters and enhance operating efficiencies by divesting geographically non-strategic assets. Our primary focus is to provide value to our customers and enhance their experience with Charter, and more tightly clustered systems allow us to more effectively achieve this,” said Charter President and CEO Mike Lovett.
The 36 head ends acquired by Cobridge are located in Alabama, Arkansas, Georgia, Louisiana, Missouri, Ohio and Texas. As a result of this sale, Charter no longer operates in Arkansas and Ohio. Charter now serves 25 states.
Terms of the sale have not been publicly disclosed. RBC Daniels acted as financial advisor to Charter in the transaction.