Cable One’s Convertible Notes Offering

On January 5, 2026, Cable One, Inc. (“Cable One”) announced it has entered into a definitive agreement to acquire all of the equity interests in Mega Broadband Investments Holdings LLC (“MBI”) that it does not already own in a transaction valued at approximately $1.3 billion. Cable One currently owns a 45% stake in MBI, and certain affiliates of GTCR LLC and MBI management own the balance of MBI. MBI is a leading provider of broadband services across the Southeast, Northwest and Mid‑South United States and offers an extensive range of broadband, fiber connectivity, video and voice services for approximately 210,000 residential and business data customers. Based on currently available information, (i) the purchase price payable by Cable One for the 55% of MBI that it does not already own is expected to range between approximately $475 million and $495 million and (ii) MBI’s total net debt at the time it becomes wholly owned by Cable One is expected to be approximately $845 million to $895 million. Cravath is representing Cable One in connection with the transaction.

On December 20, 2024, Cable One, Inc. (“Cable One”) announced that it has entered into definitive agreements to amend its strategic partnership with Mega Broadband Investments (“MBI”). The strategic partnership provides Cable One with a path for a potential acquisition of all the MBI equity it does not already own pursuant to put option and call option arrangements between Cable One and the other MBI equity holders. The purchase price payable by Cable One upon any exercise of the put option or call option will be determined based on MBI’s future performance and other factors. The transaction is valued at approximately $1.5 billion to $1.7 billion, inclusive of upfront payments made by Cable One and initial estimates of option exercise closing payments and related debt assumption, based on an assumed October 1, 2026 option exercise closing. Cable One is a leading broadband communications provider serving more than 1 million residential and business customers across 24 states. MBI is a leading provider of broadband services across the Southeast, Northwest and Mid‑South United States and offers an extensive range of broadband, fiber connectivity, cable television and voice services for commercial and residential customers. Cravath is representing Cable One in connection with this transaction.