Atlantic Broadband closed its $735mln acquisition of Charter [CHTR] systems with 228K subs Mon, and assumed management of the systems and their 450 employees immediately (Cfax, 9/4/03). Charter plans to use proceeds to repay bank debt and increase liquidity. The sale represents another return of cable’s old guard, with Continental Cablevision vets Dave Keefe and Ed Holleran leading the venture. The deal, which includes subs in Miami Beach, W PA, the MD/DE peninsula and W VA, places Atlantic among the country’s top 25 cable operators. Most of the systems have been upgraded to at least 750MHz. Keefe’s top priority will be to upgrade the MD/DE properties, which don’t offer high- speed data. Daniels & Assoc represented Charter in the transaction.

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