Deals
Cogeco Jumps After $1.4 Billion MetroCast Acquisition Deal
- Largest acquisition to date for the Canadian telecom player
- Shares jump most since April 7 following news of agreement
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Canadian telecommunications firm Cogeco Communications Inc. jumped the most in three months after agreeing to buy MetroCast from Harron Communications LP for $1.4 billion, increasing its U.S. footprint with its largest deal ever.
MetroCast’s cable networks cover 236,000 homes and business in New Hampshire, Maine, Pennsylvania and Virginia and are in faster-growing and higher-income communities than Cogeco’s existing U.S. presence, the company said in a statement Monday. Cogeco is buying the assets through its subsidiary, Atlantic Broadband. Shares rose 2.8 percent to C$82.05 at 3:25 p.m. in Toronto, the biggest gain since April 7.