InvestorsMay 20, 1999
Charter Communications To Expand Presence In Georgia With Acquisition In Smyrna
MAY 20, 1999, ST. LOUIS, MO – Charter Communications, Inc. today announced that it has signed a definitive agreement to acquire the cable system in Smyrna, GA owned by Vista Broadband Communications, LLC. The acquisition adds approximately 30,000 more customers to the 300,000 Charter already serves in Georgia.
Smyrna, 15-minutes northwest of downtown Atlanta, has undergone a suburban transformation from bedroom community to a premier suburb for metro-Atlanta during the past 15 years. "We are pleased to become part of Atlanta's fast growing suburban megaplex," said Jerald L. Kent, Charter President and CEO. "The 750 Megahertz 2-way platform being put into place in Smyrna assures that this market will have great potential for growth in current and future services," added Kent.
Vista Broadband Communications, LLC is owned by Neil McHugh, Chief Executive Officer and Boston Ventures Limited Partnership V.
Charter Communications, Inc., a Wired World company, is among the country's leading broadband communications companies. Following the close of all pending transactions, Charter will serve approximately 3.9 million customers. Charter was ranked as the eighth fastest growing company in the United States by Inc. magazine on its 1998 Inc. 500 list. J.D. Power & Associates survey of cable customers ranked Charter among the top three companies based on quality of service in 1998. Charter offers an array of services including cable television under the Charter brand; high speed Internet access via Charter Pipeline ™; advanced digital video programming services under the Charter Digital Cable™ brand and Charter Paging. Headquartered in St. Louis, MO, Charter was acquired by Paul G. Allen in 1998. More information about Charter can be accessed on the Internet at www.chartercom.com.
Vista was represented in the transaction by Jack Woodruff, Partner, of Waller Capital Corporation. The purchase price was not disclosed.