TPG Capital Buys RCN Telecom, Grande Communications In $2.25 Billion Deal

Fort Worth-based private equity investor TPG Capital said this morning that it is buying RCN Communications and Grande Communications Networks, two regional broadband service providers, in a $2.25 billion transaction. TPG Capital said it will pay $1.6 billion for RCN, and $650M for Grande Communications in the deal, acquiring the two companies from another private equity investors, ABRY Partners. RCN and Grande will continue to be managed by Patriot Media, led by Steve Simmons and Jim Holanda. RCN and Grande Communications serve Austin, Boston, Chicago, Dallas, Lehigh Valley, New York, Pennsylvania, San Antonio, and Washington, DC.