Waller Capital Advises Alameda Power & Telecom on the Sale of its Telecom business to Comcast

New York, NY

Alameda Power & Telecom (Alameda P&T) announced today it has closed the sale of its telecom business to Comcast Corporation for a base purchase price of $17 million. The City’s Public Utilities Board recommended the action to Alameda’s City Council who authorized the transaction on November 18th by a unanimous vote. Alameda P&T, a municipal utility that also provides electric services to its residents, has owned and operated the telecom business since building its telecom network in 2000. At the time of the sale, Alameda P&T had approximately 9,500 cable customers and 6,500 internet customers.

“The sale of the telecommunications system brings certainty and eliminates future financial risk to Alameda Power & Telecom and the City from continued operation of the telecommunications system,” said Public Utilities Board President Ann McCormick. “Selling now also enables us to focus on our core electric business.”

Girish Balachandran, General Manager of Alameda P&T added, “This decision allows Alameda P&T to do what we’re best at. As ‘The Greenest Little Utility in America,’ this action allows us to focus on the core services our constituents want, need, and value, clean, reliable, high-value, and cost-effective power services.”

“Comcast was founded in 1963 in a small Mississippi town about the size of Alameda. Today, we’re the nation’s leading provider of entertainment, information and communication products and services. Comcast has the Bay Area’s leading and most effective digital, high-capacity fiber-optic network which delivers an unparalled experience to our customers”, said Hank Fore, Area Vice President for Comcast.

“We’re pleased to add the former APT customers to our existing Alameda cable system and offering our new customers the opportunity to have up to 350 channels of programming; 1,000 spectacular High-Definition TV choices; the choice, convenience and control of ON DEMAND; our lightning-fast High-Speed Internet service; and our advanced and affordable Comcast Digital Voice home phone service”, added Fore.

Balachandran emphasized, “We are doing our best to ensure a seamless transfer of customer accounts, and we will continue to keep the community informed as we work through the details of the final transaction.”

Waller Capital Partners acted as exclusive financial advisor to Alameda P&T and Seyfarth Shaw LLP acted as legal advisor.