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Private equity consortium backs buy-out of Comcast cable TV systems

A consortium of private equity firms led by Providence Equity Partners and including Quadrangle Group and TD Capital Communications Partners is to team up with Bresnan Broadband Holdings to buy the cable television systems currently owned by Comcast Corporation for around $525m.

The cable systems serve around 317,000 subscribers in Montana, Wyoming, Colorado and Utah. The transaction is expected to close on 31 March 2003.

Jonathan Nelson of Providence Equity Partners said: ‘We look forward to continuing our ten-year relationship with Bill Bresnan and partnering with the Bresnan team and Comcast in developing this well-clustered initial group of systems.'

Providence Equity Partners invested in a European cable business in January 2003. The firm teamed up with The Carlyle Group to acquire the Dutch cable TV business, Casema, from France Telecom for around E665m.

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