Canada's Cogeco buying Frazer-based MetroCast from Harron in $1.4 billion deal
Tom Paine
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Canadian telecommunications firm Cogeco Communications Inc. announced yesterday that is acquiring Frazer (Chester County)-based MetroCast from Harron Communications LP for $1.4 billion.
If the name Harron is familiar, it was a major cable TV provider in the Philadelphia and Boston areas. In 1999, its cable systems were sold to Adelphia Communications, which soon afterward failed in a major finincial corruption scandal, for $1.2 billion. Much of its Philly and Boston footprints eventually ended up in Comcast's hands.
MetroCast was a new Cable / Broadband service pieced together by Harron after selling the bulk of Harron Communications. It covers 236,000 homes and business in New Hampshire, Maine, Pennsylvania and Virginia. Cogeco is buying the assets through its subsidiary, Atlantic Broadband. It bought Atlantic Broadband in 2012 for $1.36 billion, then bought MetroCast’s Connecticut operations for $200 million in 2015.
MetroCast is expected to achieve $230 million in revenue in 2017.
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