Cable One has announced a definitive agreement to acquire the 55% of Mega Broadband Investments Holdings (MBI) that it does not already own, moving to full ownership of the broadband provider that operates under the Vyve Broadband brand. The company said the deal will broaden and diversify its operating footprint across attractive U.S. markets and create opportunities to unlock efficiencies through greater scale.
MBI provides broadband services across the Southeast, Northwest and Mid-South, offering broadband and fiber connectivity along with video and voice services to residential and commercial customers. For the 12 months ended September 30, 2025, MBI generated about $310 million in total revenue and served roughly 210,000 residential and business data customers. As of September 30, 2025, its network footprint included approximately 675,000 passings.
Cable One currently owns 45% of MBI, while GTCR affiliates and MBI management own the remaining equity. Under the agreement, Cable One will pay a purchase price for the 55% stake it does not already own that is determined by a formula tied to a multiple of MBI’s adjusted EBITDA and MBI’s total net indebtedness.
Based on currently available information, Cable One expects the purchase price to fall between approximately $475 million and $495 million. The company also expects MBI’s total net indebtedness to be about $845 million to $895 million at the time it becomes a wholly owned subsidiary in the fourth quarter of 2026, with the debt in the form of term loans maturing in November 2027.
The transaction is being driven by a previously established put option held by GTCR investors, who exercised that option on January 2, 2026. Cable One said it plans to finance the purchase price using a combination of cash resources and indebtedness, which could include borrowings under its existing $1.25 billion revolving credit facility or new debt instruments.
Support: Cravath, Swaine & Moore LLP is serving as legal adviser to Cable One on the deal.
KEY QUOTE:
“We are excited about the opportunity to acquire full ownership in MBI. Our strategic investment in MBI reflects our continuing commitment to provide rural America with reliable high-speed internet service. MBI has developed an excellent network in geographies that will be complementary to our existing footprint, enable us to expand our overall market footprint and enhance our long-term growth prospects. Their operating model and local-first focus is in line with our own operating philosophy and we look forward to combining with them and welcoming their exceptional team of associates to Cable One.”
Todd Koetje, Interim CEO And CFO, Cable One
