Plans are still in motion for the acquisition of Atlantic Broadband by Canadian cable company Cogeco Cable Inc.
Cogeco said the acquisition is valued at $1.36 billion.
Atlantic Broadband vice president and Aiken general manager Sam McGill said the company has 45 employees and about 23,000 customers in the Aiken area. Atlantic Broadband has a customer base of 252,000 customers and operates in Pennsylvania, Florida, Maryland, Delaware and South Carolina.
After the acquisition, Cogeco will service more than 1.1 million customers across Canada and the U.S.
“This acquisition marks an attractive entry point into the U.S. market for Cogeco Cable. There are sizable opportunities for growth including increasing the penetration of the small and mid-sized business segment and maximizing the bundling potential of services in the residential sector,” said Louis Audet, the president and CEO of Cogeco.
The transaction is currently undergoing regulatory approvals from local, state and federal agencies.
Cogeco officials expect the deal to close by the end of 2012.
This marks the second acquisition of a local cable company this summer after Knology Inc. was bought by WOW! Internet, Cable & Phone in July.
McGill said Cogeco is a strong company and is prepared to continue the investment that Atlantic Broadband has begun in the Aiken area since it bought Aiken-based G Force Cable in 2006.
“I think this is a really good move for our company,” he said. “We don’t expect any changes.”