Oak Hill Capital Partners LP, GI Partners LLC and members of WaveDivision Holdings LLC’s management agreed to buy the closely held cable-television provider for an undisclosed price.
WaveDivision supplies cable, Internet and phone access to more than 325,000 residential and business customers in Washington, Oregon and California, according to its website.
Earlier this year, the company was said to be exploring a sale that might value it at $1 billion. The most likely bidders for the Kirkland, Washington-based company were private-equity firms, an unidentified person familiar with the matter told Bloomberg News.
The transaction is expected to close in the fourth quarter, the companies said in a statement yesterday.
Dow Lohnes PLLC is WaveDivision’s legal counsel, while Paul, Weiss, Rifkind, Wharton & Garrison LLP is providing legal advice to Oak Hill and Kirkland & Ellis LLP is GI Partners’ legal counsel.
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