Home / Business and Economy / CoBank Sues to Block Cable One Mega Broadband Deal
CoBank Sues to Block Cable One Mega Broadband Deal
9 Oct
Summary
- CoBank filed a lawsuit to stop Cable One's acquisition of Mega Broadband.
- The lender holds approximately $1.1 billion in secured credit from Cable One.
- CoBank is seeking a federal judge to issue an injunction.
CoBank ACB initiated legal proceedings on Friday, filing a lawsuit to block Cable One Inc.'s planned acquisition of a 55% equity stake in Mega Broadband Investments. The target company is currently owned by private equity firm GTCR.
CoBank asserts that it holds approximately $1.1 billion in secured credit issued by Cable One. In its filing, the lender has petitioned a federal judge in New York for an injunction to halt the transaction. The specific reasons for CoBank's challenge remain central to the ongoing legal dispute.
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