logo
Share SHARE
FONT-SIZE Plus   Neg

WOW! To Buy Knology For $19.75/Shr In Cash - Quick Facts

WOW! Internet, Cable & Phone, a competitive provider of residential and commercial high-speed Internet, cable television and telephone services which is controlled by Avista Capital Partners, and Knology, Inc. (KNOL: Quote) jointly announced a definitive merger agreement under which a subsidiary of WOW! will acquire Knology in an all-cash transaction.

As per the terms of the agreement, WOW! will buy all of the outstanding shares of Knology for $19.75 per share in cash, representing a premium of about 34% over Knology's average closing share price during the 3-month period prior to media reports on Knology's sales process. The total transaction value is around $1.5 billion.

The Board of Directors of Knology, acting on the unanimous recommendation of a Transaction Committee of the Board, unanimously approved the transaction, which is expected to close after receipt of approval by Knology's stockholders and satisfaction of customary closing conditions and regulatory approvals. The transaction is not subject to any financing conditions.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Burger chain Shake Shack Inc. said late Thursday that it has priced its initial public offering of 5 million Class A shares at $21 per share, which is above the previously estimated price range of $17 to $19 per share. The shares are expected to begin trading on the New York Stock Exchange on Friday, January 30 under the ticker symbol "SHAK." Google reported a higher fourth-quarter profit, driven by a 15 percent increase in revenues and one-time gains from the sale of Motorola Mobile business, somewhat offset by stock-based compensation expense and foreign exchange losses. Quarterly earnings and revenue missed Wall Street estimates, as ad revenues came under pressure. Online retailer Amazon.com, Inc. said Thursday after the markets closed that its fourth quarter fell 10.5% from last year, as higher expenses more than offset a 15% increase in sales. However, the company's quarterly earnings per share came in well above analysts' expectation, but its quarterly sales fell short of analysts' forecast.
comments powered by Disqus
Follow RTT