Reuters: Private Equity: UPDATE 1-Knology to be bought by Avista Capital for $750 mln

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UPDATE 1-Knology to be bought by Avista Capital for $750 mln Apr 18th 2012, 14:19 Wed Apr 18, 2012 10:19am EDT * Including debt, deal valued at $1.5 bln * Offer at $19.75/shr; 9 pct premium * Avista to assume $750 mln debt * Knology shares rise 8 pct April 18 (Reuters) - Regional cable operator Knology Inc will be bought by a unit of Avista Capital Partners for about $750 million plus debt, as the private equity firm adds cable assets in southeastern and midwestern United States. As per the deal, WOW Internet, Cable & Phone, controlled by Avista Capital, will acquire Knology for $19.75 per share, a premium of 9 percent to the stock's Tuesday close. Including the assumption of debt, the deal is valued at $1.5 billion. WOW offers cable and internet services in Michigan, Illinois, Ohio and Indiana. The combined company will have more than 800,000 customers, the companies said in a statement. Credit Suisse, Morgan Stanley, RBC Capital Markets, SunTrust Robinson Humphrey and Bank of Tokyo-Mitsubishi UFJ have committed debt financing for the deal. Knology, which traces its roots to The Interstate and Valley Telephone Co and started providing telephone service in Georgia and Alabama in 1896, went public in 2003. Knology shares rose 8 percent to $19.50 on Wednesday on the Nasdaq. Link this Share this Digg this Email Reprints

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