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Devcon buys Adelphia's

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Devcon buys Adelphia's Starpoint

January 25, 2005 Tuesday


Deerfield Beach, Fla.-based Devcon International Corp. said Monday that its Devcon Security Services Corp. subsidiary is acquiring Starpoint LP, the electronic security division of bankrupt cable operator Adelphia Communications Corp., for $42.8 million in cash.

The price is based on Starpoint's monthly revenue of $1.2 million. Devcon is funding the purchase with cash-on-hand and long-term senior debt.

The deal is expected to close by Feb. 28 and requires approval from the U.S. Bankruptcy Court for the Southern District of New York, where Adelphia filed for Chapter 11 on June 25, 2002.

Bids for the company, which is also up for sale, are due at the company's bankers at UBS and Allen & Co. on Jan. 31. The cabler is expected to fetch at least $17 billion.

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