TPG Capital today said that it will pay nearly $2.4 billion to acquire Kirkland, Wash.-based Wave Broadband, which it will merge with RCN to form the country's sixth-largest cable company. Some notes after speaking with TPG partner David Trujillo:
Big but small: Trujillo says that taking on market leaders Comcast and Verizon isn't in the cards for RCN, but that growth will continue to come for players of all sizes. "The reason we like broadband companies is that they're the picks and shovels of everything else related to that scene. When people buy higher-resolution devices or want better digital music fidelity or add pieces to a connected home, all of that is a secular trend in broadband's favor."