Kirkland & Ellis represented GTCR, a leading private equity firm, and its portfolio company Mega Broadband Investments (“MBI”) on the sale of a 45% minority stake in MBI to Cable One, Inc. (NYSE: CABO) (“Cable One”). The transaction is valued at approximately $574.1 million in cash, subject to adjustment for certain new debt incurrences and transaction expenses. In addition to the minority stake it will acquire, Cable One will have the right to purchase the remaining interests in MBI at a predetermined multiple of earnings beginning in 2023. The transaction is expected to be completed during the fourth quarter of 2020.
The Kirkland team was led by transactional partners Mark Fennell and Christopher Thomas and associates Sam Stucker and Tracy Reyes; and tax partners Greg Gallagher and Polina Liberman.