Moorgate Advises Block Communications on its Acquisition of Mississippi and Alabama Cable Systems from Harron Communications
Toledo, OH -- Block Communications, Inc. (“Block Communications”), a diversified media company, announced a definitive agreement to acquire cable systems in Mississippi and Alabama (“MetroCast Systems”) from Harron Communications, L.P. (“Harron Communications”). Terms of the transaction were not disclosed.
The MetroCast Systems provide a full suite of video, high-speed internet and phone services for residential and commercial customers throughout communities in northern and central Mississippi, including Oxford and Starkville, and Alabama. As of March 31, 2014, the systems passed over 100,000 homes and served approximately 61,000 PSUs.
“This acquisition supports our cable and broadband growth strategy and enhances our geographic diversification,” said Allan Block, chairman of Block Communications. “Harron has invested a significant amount of capital over the last five years to upgrade the systems and we believe there is now a tremendous opportunity to increase penetration levels. We look forward to serving these communities and continuing to improve the services and products being offered.”
“We couldn't be more pleased to have another family-owned, customer-oriented company who has enjoyed a long history in the communications industry like Block Communications acquire our Mississippi systems,” said James J. Bruder, Jr., Chairman and CEO of Harron Communications. “Block Communications’ commitment to its customers, employees and the communities it serves, makes us confident that the transition of ownership will be seamless for our customers.”
The transaction is expected to close in the fourth quarter of 2014, following the satisfaction of regulatory requirements and other customary closing conditions.
Moorgate Partners served as exclusive M&A advisor and Shumaker, Loop & Kendrick, LLP, Seyfarth Shaw LLP and Cinnamon Mueller LLC served as legal counsel to Block Communications. RBC Capital Markets served as exclusive M&A advisor and Morgan, Lewis & Bockius LLP served as legal counsel to Harron Communications.
For additional information on this transaction, please see the company's press release.