The competition for Bresnan Communications was thick, with several companies bidding for the provider of cable services in Western states such as Montana, but the winner is Cablevision with a bid of $1.36 billion, reports Bloomberg News.
Bresnan is the 13th largest MSO with just over 300,000.
Rival bidders included TPG Capital, BC Partners Ltd., Suddenlink Communications and Ascent Media Corp. (which included the participation of John Malone), the report states, citing a person close to the negotiations.
Bresnan will likely announce the deal on Monday, although Bresnan’s Chief Executive Jeffrey DeMond sent employees an email on Sunday to alert them to Cablevision’s successful bid. Bresnan was founded in 1984 by cable pioneer William J. Bresnan, who died in November, 2009, and is 30 percent owned by Comcast Corp.
The purchase will help Cablevision expand into the Western U.S. states, the report states.