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February 28, 2007
Knology Inc. announced it has entered into a definitive agreement to acquire PrairieWave Communications, a voice, video and high-speed Internet broadband services provider in South Dakota, as well as portions of Minnesota and Iowa, for roughly $255 million.
PrairieWave currently serves approximately 57,000 residential customers and 7,200 business customers in two primary market areas surrounding Sioux Falls and Rapid City, S.D. These customers represent more than 156,000 broadband connections, including approximately 70,000 voice, 46,000 video and 40,000 Internet connections.
Knology expects the transaction to close in the second quarter of 2007, subject to the satisfaction of closing conditions, including the receipt of regulatory approvals with respect to the municipal franchises.
PrairieWave is a highly successful, customer-focused business that will expand Knologys footprint by adding meaningful scale to our existing operations, said Rodger Johnson, president and CEO of Knology. PrairieWave has achieved excellent bundled penetration and attractive EBITDA and free cash flow margins, and we believe this acquisition will complement our continued focus on organic growth in the existing Knology markets.
Headquartered in West Point, Ga., Knology provides interactive communications and entertainment services in the Southeast, serving residential and business customers. Its offerings include over 200 channels of digital cable TV, local and long-distance digital telephone service with the latest enhanced voice messaging features, and high-speed Internet access via cable modem.
Knologys fiber-based business products include passive optical networks, which supply IP architecture with segmented voice and data bandwidth, and managed integrated network solutions, an integrated IP-based technology which converges data and voice.
Knology Inc. www.knology.com
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