Altice US is growing its footprint in the broadband world with the purchase of Service Electric Cable of New Jersey. The deal was first announced in February and was completed today in a $150 million buyout deal.
Service Electric customers now see this message on their internet provider’s website:
Service Electric Broadband Cable has joined the Optimum family. You will soon gain access to all the incredible products and services Optimum has to offer. As we work through the transition of integrating Service Electric Broadband Cable into the Optimum family, you will see a broader selection of services including improvements to your Internet & TV experiences – like new channels, faster speeds and exclusive savings on our Mobile service.
“Covering almost the entire length and breadth of the county, Service Electric Cable offered cable, telephone and Internet services to about 30,000 local customers. With coveted assets that boast attractive broadband growth opportunities, the transaction provides Altice a much-needed boost to cement its regional presence,” Nasdaq shared of the deal closure.
After the initial announcement in February, Altice USA CEO Dexter Goei shared in the company’s Q4 earnings call that while this deal would be profitable for the company and Altice would continue looking for opportunities to make similar deals, he doesn’t expect more in the near future.
“It’s contiguous to our business, the great area in Sparta, New Jersey and its surrounding areas. There are no over-builders in that area. And it’s also an underdeveloped broadband network, so we can continue to upgrade those networks and drive increased speeds.”
“We don’t have a pipeline of a lot of these,” Goei continued. “If they’re available we pounce and try to go very quickly. …There are not a lot of sellers out there. When there are they’re interesting, but in terms of size, we don’t see anything sizeable right now that’s available.”
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