M&A Deal Summary

Time Warner Cable Acquires Insight Communications

On February 29, 2012, Time Warner Cable acquired communications company Insight Communications from MidOcean Partners and Crestview Partners for 3.0B USD

Acquisition Highlights
  • This is Time Warner Cable’s 3rd transaction in the Communications sector.
  • This is Time Warner Cable’s 2nd largest (disclosed) transaction.
  • This is Time Warner Cable’s 5th transaction in the United States.
  • This is Time Warner Cable’s 1st transaction in Illinois.

M&A Deal Summary

Date 2012-02-29
Target Insight Communications
Sector Communications
Buyer(s) Time Warner Cable
Sellers(s) MidOcean Partners
Crestview Partners
Deal Type Add-on Acquisition
Deal Value 3.0B USD
Advisor(s) Bank of America Merrill Lynch (BofA Securities)
UBS Investment Bank (Financial)
Dow Lohnes PLLC (Legal)

Target

Insight Communications

Belvidere, Illinois, United States
website
Insight Communications Company, Inc. is the ninth largest cable company in the United States, serving approximately 1.3 million basic video customers in the four contiguous Midwestern states of Illinois, Indiana, Kentucky and Ohio.

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Buyer(S) 1

Buyer

Time Warner Cable

New York, New York, United States

website


Category Company
Sector Communications
Employees51,200
Revenue 22.8B USD (2014)
DESCRIPTION
Time Warner Cable office in Herndon, Virginia.
Time Warner Cable office in Herndon, Virginia.

Time Warner Cable Inc. is a US provider of video, high-speed data and voice services. Time Warner Cable is based in New York City.


DEAL STATS #
Overall 6 of 7
Sector (Communications) 3 of 4
Type (Add-on Acquisition) 4 of 5
State (Illinois) 1 of 1
Country (United States) 5 of 6
Year (2012) 1 of 1
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-12 NaviSite

Andover, Massachusetts, United States

NaviSite, Inc. is a provider of enterprise-class, cloud-enabled hosting, managed applications and services. NaviSite provides a full suite of reliable and scalable managed services, including Application Services, industry-leading Enterprise Hosting, and Managed Cloud Services for enterprises looking to outsource IT infrastructure and lower their capital and operational costs. Enterprise customers depend on NaviSite for customized solutions, delivered through a global footprint of state-of-the-art data centers.

Buy $230M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-07 DukeNet Communications

Charlotte, North Carolina, United States

DukeNet, based in Charlotte, N.C., is a regional fiber optic network company serving customers in North Carolina and South Carolina, as well as five other states in the Southeast. With a fiber optic network of over 8,700 miles, DukeNet provides data and high-capacity bandwidth services to wireless carrier, data center, government, and enterprise customers.

Buy $600M

Seller(S) 2

SELLER

MidOcean Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2003
PE ASSETS 7.6B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

MidOcean Partners is a private equity firm focused on acquiring control interests in middle-market companies located in the US and Europe. Target industries include consumer and leisure, media and communications, business services, financial services, industrials, transportation, and healthcare. MidOcean looks for opportunities requiring an investment of at least $25 million with an enterprise value ranging from $100 to $500 million. MidOcean Partners was formed in 2003 and is based in New York City, with an additional office in London.


DEAL STATS #
Overall 13 of 34
Sector (Communications) 1 of 2
Type (Add-on Acquisition) 6 of 18
State (Illinois) 1 of 3
Country (United States) 10 of 29
Year (2012) 1 of 2
Size (of disclosed) 2 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-04 JF Petroleum Group

Morrisville, North Carolina, United States

JF Petroleum Group is a turnkey solution provider to the North American fueling infrastructure industry. The company distributes, installs, and services fueling equipment for retail fueling stations, commercial and government fleets, and emergency power customers. JF Petroleum operates a network of 33 branch offices and 4 distribution centers with over 1,000 employees across the United States. JF Petroleum Group was founded in 1945 and is based in Morrisville, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-26 OneLink Communications

San Juan, Puerto Rico

One link communications is a provider of cable services and the sole cable franchisee in the greater San Juan area.

Sell $585M
SELLER

Crestview Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2004
PE ASSETS 9.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crestview Partners is a private equity firm focused on challenging investment situations. Crestview targets opportunities across a broad range of industries, with a special interest in asset management, media, healthcare and financial service companies. The Firm looks to commit $100 to $250 million of equity capital in transactions valued between $500 million and $3 billion. Crestview Partners was formed in 2004 and is based in New York, New York.


DEAL STATS #
Overall 5 of 23
Sector (Communications) 2 of 5
Type (Add-on Acquisition) 3 of 11
State (Illinois) 1 of 2
Country (United States) 3 of 17
Year (2012) 1 of 3
Size (of disclosed) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-23 Samson Investment

Tulsa, Oklahoma, United States

Samson Investment Company is a privately-held independent exploration and production company.

Buy $7.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-15 Silver Creek Oil & Gas

Irving, Texas, United States

Silver Creek Oil & Gas is a privately owned independent oil and natural gas company engaged in the acquisition, development, and exploration of unconventional natural gas and oil resources in the United States. Silver Creek Oil & Gas was founded in 2011 and is based in Irving, Texas.

Buy -