Crestview Advisors and DigitalBridge Investments to Acquire Majority Stake in WideOpenWest for $1.5 Billion

Crestview Advisors and DigitalBridge Investments have agreed to acquire a majority stake in WideOpenWest (WOW!) in an all-cash transaction with an enterprise value of $1.5 billion. Crestview will roll over its existing shares, and the deal is subject to regulatory approvals and stockholder approval. The transaction is expected to close by the end of 2025 or early 2026.

Crestview Advisors, L.L.C. and DigitalBridge Investments, LLC have entered into a definitive agreement to acquire a majority stake in WideOpenWest, Inc. (NYSE: WOW) in an all-cash transaction with an enterprise value of approximately $1.5 billion. The acquisition is expected to close by the end of 2025 or in the first quarter of 2026, subject to regulatory approvals and stockholder approval [1].

Under the terms of the agreement, Crestview, WOW!'s largest stockholder, has agreed to roll over all of its shares of WOW! common stock. The transaction is expected to result in WOW! being taken private, meaning it will no longer be traded or listed on any public securities exchange. The price per share for the acquisition is $5.20, representing a premium of 37.2% to the unaffected price of $3.79 before the initial non-binding offer on May 2, 2024, and a 63% premium to the closing price on August 8, 2025 [2].

The WOW! Board of Directors has unanimously approved the proposed transaction, with a special committee of independent and disinterested directors leading the evaluation process. The transaction is expected to bring significant benefits to WOW!'s customers and the communities it serves. DigitalBridge and Crestview intend to invest in expanding and upgrading WOW!'s networks, adopting new technologies, and ensuring the organization has the resources and support needed to continue delivering fast, reliable internet service at competitive prices [2].

The transaction is subject to several conditions, including the receipt of WOW! stockholder approval and required regulatory approvals. Upon completion, WOW! will no longer be traded or listed on any public securities exchange. Centerview Partners LLC is acting as the sole financial advisor to the special committee, and Wachtell, Lipton, Rosen & Katz is acting as its legal counsel. LionTree Advisors is acting as the sole financial advisor to DigitalBridge and Crestview, while Morgan Stanley and Goldman Sachs are serving as structuring advisors to the transaction. Simpson Thacher & Bartlett LLP and Davis Polk & Wardwell LLP are acting as legal counsel to DigitalBridge and Crestview, respectively [2].

References:
[1] https://www.marketscreener.com/news/crestview-advisors-l-l-c-and-digitalbridge-investments-llc-entered-into-a-definitive-agreement-to-ce7c5ed3db88fe23
[2] https://www.prnewswire.com/news-releases/wideopenwest-wow-inc-to-be-taken-private-by-digitalbridge-group-inc-and-crestview-partners-in-1-5-billion-transaction-302526854.html