Kirkland & Ellis advised GTCR LLC and Mega Broadband Investments Holdings LLC (MBI), a leading provider of broadband services across the Southeast, Northwest and Mid-South United States, in connection with the amendment of the terms of Cable One, Inc.’s (NYSE: CABO) strategic investment in MBI. Cable One currently owns a 45% stake in MBI, and affiliates of GTCR and MBI management own the balance of MBI. As part of the amended partnership agreement, Cable One paid $250 million to the other MBI equity holders, and those same other equity holders also received the proceeds from $100 million of new MBI debt. The amendments provide Cable One with enhanced ability to control the timing for acquiring the 55% interest it does not currently own pursuant to the put right held by GTCR, with any such acquisition to occur no earlier than October 1, 2026 unless Cable One elects to close the transaction at an earlier date.
The Kirkland team included corporate lawyers Mark Fennell, Chris Thomas and Edward Brennan; and debt finance lawyers Tom Dobleman and Emily Hogan.
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