M&A Deal Summary

Stonepeak Acquires Astound

On November 1, 2020, infrastructure investor Stonepeak acquired communications company Astound from TPG and CapitalG for 8.1B USD

Acquisition Highlights
  • This is Stonepeak’s 5th transaction in the Communications sector.
  • This is Stonepeak’s largest (disclosed) transaction.
  • This is Stonepeak’s 14th transaction in the United States.
  • This is Stonepeak’s 2nd transaction in New Jersey.

M&A Deal Summary

Date 2020-11-01
Target Astound
Sector Communications
Buyer(s) Stonepeak
Sellers(s) TPG
CapitalG
Deal Type Secondary Buyout
Deal Value 8.1B USD
Advisor(s) J.P. Morgan Securities
Morgan Stanley (Financial)
Cleary Gottlieb Steen & Hamilton (Legal)

Target

Astound

Princeton, New Jersey, United States
Astound is a provider of broadband services delivering all-digital and high definition video, high-speed internet, and premium voice services to residential and small-medium business customers. Astound was founded in 1993 and is based in Princeton, New Jersey.

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Buyer(S) 1

Buyer

Stonepeak

Investor Investor Investor Investor Investor


Category Infrastructure
Founded 2011
PE ASSETS 57.1B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stonepeak is a private equity firm focused on North American infrastructure investing. Specific areas of interest include energy assets, power/renewables, transportation, utilities, water, and communications. Stonepeak was formed in 2011 and is headquartered in New York City.


DEAL STATS #
Overall 22 of 40
Sector (Communications) 5 of 6
Type (Secondary Buyout) 7 of 7
State (New Jersey) 2 of 2
Country (United States) 14 of 22
Year (2020) 5 of 7
Size (of disclosed) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-24 Digital Edge

Singapore, Singapore

Digital Edge is a data center company focused on the Asia-Pacific region. Digital Edge aims to deliver innovative data center and interconnect solutions in order to make customer deployments easy in complex, evolving environments.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-01 GreenPeak

Taipei, Taiwan

GreenPeak Renewables is a partnership with a Taiwanese solar developer, Smart Green Energy, that has a dedicated focus on the solar market in Taiwan. Smart Green Energy brings more than 11 years of experience in solar development in Taiwan and is one of the leading full-service solar developers in the region. The partnership is focused on sourcing and developing a solar portfolio in one of the most attractive and established renewable energy markets in Asia with scale and speed.

Buy -

Seller(S) 2

SELLER

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 220 of 267
Sector (Communications) 14 of 14
Type (Secondary Buyout) 28 of 36
State (New Jersey) 5 of 5
Country (United States) 159 of 193
Year (2020) 15 of 20
Size (of disclosed) 5 of 71
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-01 Grande Communication

San Marcos, Texas, United States

Grande Communication is a broadband communications company that offers a full suite of Internet, TV, and phone services for residential and business customers through its state-of-the-art, high-capacity, hybrid fiber-optic network. Grande Communication was founded in 1999 and is based in San Marcos, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-02 LLamasoft

Ann Arbor, Michigan, United States

LLamasoft software helps organizations worldwide design and improve their supply chain operations. LLamasoft solutions enable companies across a wide range of industries to model, optimize and simulate their supply chain network, leading to major improvements in cost, service, sustainability and risk mitigation. Headquartered in Ann Arbor, Michigan, LLamasoft is a leader in supply chain excellence and innovation, advancing technology focused on continuous improvement of enterprise supply chains for the world’s largest organizations.

Sell $1.5B
SELLER

CapitalG

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Corporate Investor
Founded 2013
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

CapitalG is the growth equity and direct investment arm of Alphabet, Inc. CapitalG invests in emerging tech-enabled service companies and assists with providing tactical advice across key functional areas such as engineering, product, sales, and marketing. CapitalG was formerly known as Google Capital. The Unit was formed in 2013 and is based in San Francisco, California.


DEAL STATS #
Overall 10 of 16
Sector (Communications) 1 of 1
Type (Secondary Buyout) 4 of 4
State (New Jersey) 1 of 1
Country (United States) 9 of 15
Year (2020) 2 of 3
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-23 Next Insurance

Palo Alto, California, United States

Next Insurance is transforming small business insurance with simple, digital, and affordable coverage tailored to the self-employed. Next Insurance offers policies that are easy to buy in 10 minutes or less and provides 24/7 access to services such as Live Certificates of Insurance, Additional Insured, and more, with no extra fees. Next Insurance was founded in 2016 and is based in Palo Alto, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-10 Airbnb

San Francisco, California, United States

Airbnb is a hospitality company that connects travelers with landlords in markets around the world. Airbnb was incorporated in 2007 and is based in San Francisco, California.

Sell -