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.
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by RTT Staff Writer
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