April 18, 2012 3:52 PM
Three Firms Take Knology Private in $1.5 Billion Cable Deal
Posted by Brian Baxter
Three Am Law 100 firms are advising on a $1.5 billion partnership of broadband communications provider Knology by Wow Internet, Cable Phone, that is also famous as WideOpenWest. Excluding debt, privately-held Wow will compensate about $750 million in money for Knology.
Both Englewood, Coloradoâ€“based Wow, that is owned by private equity firm Avista Capital Partners, and West Point, Georgiaâ€“based Knology specialize in providing consumers with broadband Internet access, wire TV, phone, and video-on-demand services. The Associated Press reports that a partnership creates clarity for geographic reasons, as it will unite Wow’s primarily Midwestern patron base with Knology’s residential and business network in a southeast.
Kirkland Ellis corporate partners Kirk Radke and Joshua Kogan and debt finance partners Joshua Korff and Jason Kanner are advising Wow on a transaction. Kogan and Radke formerly led a Kirkland group that represented New York-based Avista Capital on a $780 million partnership of The Clorox Company’s tellurian automobile caring businesses in 2010.
Alston Bird is representing Knology on matter with a group that includes corporate cochair David Brown, Jr., financial partner Richard Grice, financial services partner Lesley Solomon, and worker advantages partner Laura Thatcher. Knology is a longtime organisation client.
Hogan Lovells MA cochair Joseph Gilligan, meanwhile, is heading another authorised group advising a transaction committee of Knology’s house of directors. Other Hogan Lovells lawyers operative on a matter embody corporate partners Steven Kaufman, Paul Manca, Joseph Connolly, Jr., and Kevin Greenslade, worker advantages partner William Neff, taxation partner Daniel Davidson, antitrust partner Michele Harrington, and bank financial partner Gordon Wilson.
Chad Wachter serves as Knology’s ubiquitous counsel. The association settled in a bonds filing that “there can be no declaration as to a timing of a transaction,” observant certain financing issues still need to be resolved, and that a deal’s shutting is fortuitous on shareholder and regulatory approvals.
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