Bresnan Communications Auction Underway

Bresnan Communications’ http://www.bresnan.com/ principal backer have been exploring possible interest in buying its majority stake in the 320,000-customer cable operation. Here’s an update: Detailed “books” on the systems are expected to go out to interested parties shortly.

Providence Equity Partners began meeting with bankers concerning its options regarding the Bresnan systems, in Montana, Wyoming, Colorado and Utah, earlier this month.

According to sources familiar with the process, Providence has picked Credit Suisse and UBS as its lead bankers in what is now considered an auction. Those same sources said that CS and UBS could provide up to $1 billion in staple financing (about 6 times Bresnan’s annual cash flow of $160 million) to the winning bidder.

That would push the price well into the $1 billion range, including equity.

Full Story: http://www.multichannel.com/article/450485-Update_Bresnan_Auction_Underway_Guided_By_UBS_and_Credit_Suisse.php

(Many thanks to Paul DeWolfe, Access Consulting, PC http://www.access-consulting.net for bringing this to our attention. )