Wave picks up ultra-speed provider CondoInternet with Spectrum Networks acquisition
Steve Weed's WaveDivision Holdings continued its acquisition streak, announcing Thursday that it bought Seattle-based Spectrum Networks and its ultra-high-speed subsidiary CondoInternet.
The deal gives Wave a commercial broadband provider which operates in many areas in Washington, Oregon and California, where WaveDivision owns Wave Broadband cable systems. Wave said it'll run Spectrum Networks and CondoInternet as separate business units.
The CondoInternet acquisition is unique. The company markets an Internet service to condominium and apartment residents in downtown Seattle and Bellevue, Wash., which offers speeds of 1 Gbps for $120 monthly. It also sells $60 service with speeds of 100 Mbps.
Wave announced last November that it had raised $1 billion in funding. It closed a $50 million acquisition of Black Rock Cable, which owns systems in northwest Washington, in January. In 2011, Wave bought cable systems in the Northwest from Broadstripe.
More acquisitions from Wave could be in the works. "We have plenty of access to capital to continue funding their [Spectrum's] growth as well as other companies that are best in class like Spectrum," Wave CEO Weed told The Seattle Times. "We're still looking to do that."
Wave Broadband recruits former Cox, Insight and Sunflower Broadband executives
Oak Hill Capital buys Wave Broadband, Astound Broadband
Wave Broadband, WideOpenWest buy Broadstripe cable systems
Wave Broadband closes $50 million Black Rock Cable acquisition
WaveDivision says it won't use $1B in funding to overbuild cable operators