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Cable One’s Strategic Partnership with Mega Broadband

December 20, 2024

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.

The Cravath team is led by partners Joseph D. Zavaglia and Matthew L. Ploszek and includes associates April M. Kent and Steven T. Marzagalli on M&A matters; of counsel Isaac C. Beerman and associate Caroline B. Bowman on financing matters; of counsel William D. Podurgiel and associate Connor F. O’Neill on securities matters; partner Eric W. Hilfers on executive compensation and benefits matters; and partner Lauren Angelilli, of counsel Kiran Sheffrin and associate Joshua Banafsheha on tax matters. Jay Kober also worked on executive compensation and benefits matters.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Banking and Credit
  • Capital Markets
  • Executive Compensation and Benefits
  • Tax
  • Derivatives
  • Telecommunications

People

Photo
Name
Joseph D. Zavaglia
Title
Corporate
Title
Partner
Email
jzavaglia@cravath.com
Phone
+1-212-474-1724
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    Education

    • J.D., 2004, Brooklyn Law School
      Valedictorian, summa cum laude
    • B.B.A., 2001, College of Insurance
      cum laude

    Admitted In

    • New York
    Photo
    Name
    Matthew L. Ploszek
    Title
    Corporate
    Title
    Partner
    Email
    mploszek@cravath.com
    Phone
    +1-212-474-1744
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      Education

      • J.D., 2014, University of Pennsylvania Law School
        cum laude
      • M.B.A., 2014, The Wharton School of the University of Pennsylvania
        Graduation with Honors
      • B.A., 2007, University of Notre Dame
        Phi Beta Kappa, summa cum laude

      Admitted In

      • New York
      Photo
      Name
      Isaac C. Beerman
      Title
      Corporate
      Title
      Partner
      Email
      ibeerman@cravath.com
      Phone
      +1-212-474-1048
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        Education

        • J.D., 2010, Harvard Law School
        • B.A., 2006, University of North Carolina at Chapel Hill
          Phi Beta Kappa, cum laude

        Admitted In

        • New York
        Photo
        Name
        Eric W. Hilfers
        Title
        Executive Compensation and Benefits
        Title
        Partner
        Email
        ehilfers@cravath.com
        Phone
        +1-212-474-1352
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          Education

          • J.D., 1998, University of Chicago Law School
            with Honors
          • A.B., 1995, Princeton University

          Admitted In

          • New York
          Name
          Lauren Angelilli
          Title
          Tax
          Title
          Partner
          Email
          langelilli@cravath.com
          Phone
          +1-212-474-1016
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            Education

            • J.D., 2000, Harvard Law School
              cum laude
            • B.S., 1996, The Wharton School of the University of Pennsylvania
              magna cum laude

            Admitted In

            • New York
            Photo
            Name
            William D. Podurgiel
            Title
            Corporate
            Title
            Of Counsel
            Email
            wpodurgiel@cravath.com
            Phone
            +1-212-474-1628
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              Education

              • J.D., 2011, The University of Texas School of Law
              • B.A., 2004, University of Pennsylvania
                cum laude

              Admitted In

              • New York
              Photo
              Name
              Kiran Sheffrin
              Title
              Tax
              Title
              Of Counsel
              Email
              ksheffrin@cravath.com
              Phone
              +1-212-474-1842
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                Education

                • J.D., 2013, Brooklyn Law School
                  magna cum laude
                • B.A., 2010, Wesleyan University

                Admitted In

                • New York
                Photo
                Name
                April M. Kent
                Title
                Corporate
                Title
                Of Counsel
                Email
                akent@cravath.com
                Phone
                +1-212-474-1116
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                  Education

                  • J.D., 2017, Georgetown University Law Center
                    cum laude
                  • B.A., 2013, Covenant College
                    magna cum laude

                  Admitted In

                  • New York

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