A major cable operator has finalized an agreement to buy Insight Communications for $3 billion from Carlyle Group, reports Multichannel News.
Time Warner Cable, the second-largest U.S. cable operator, is buying the ninth-largest U.S. cable company, with customers focused in Kentucky, Indiana and Ohio.
Carlyle, a private equity firm based in Washington, took Insight private in 2005. The purchase will mark Time Warner Cable’s biggest acquisition since it was spun off from Time Warner in 2009 and could help it offset lower demand for pay TV, the piece reports.
The transaction is subject to the customary closing conditions, the story notes.