August 15, 2016 / 12:40 PM / 3 years ago

TPG Capital to buy cable companies RCN, Grande for $2.25 billion

(Reuters) - Private equity firm TPG Capital [TPG.UL] said it would buy broadband services providers RCN Telecom Services LLC [RTSL.UL] and Grande Communications Networks LLC for $2.25 billion.

TPG will buy the cable companies in two separate transactions from ABRY Partners for $1.6 billion and $650 million, TPG said on Monday.

PJT Partners, UBS, Cleary Gottlieb and Deloitte advised TPG on the deal. While, ABRY, Patriot Media, RCN and Grande were advised by Credit Suisse, Kirkland & Ellis, Locke Lord and PwC.

RCN and Grande provide phone and internet services in Austin, Chicago, New York and Washington, D.C.

Reporting by Rishika Sadam in Bengaluru; Editing by Martina D'Couto

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