Private equity firm TPG Global LLC said on Monday it would buy Wave Broadband for $2.37 billion in a deal that creates the sixth largest U.S. cable operator at a time when demand for high-speed internet service is growing rapidly.

The deal combines privately-held Wave with RCN Telecom Services LLC and Grande Communications Networks, the broadband providers TPG bought earlier this year.

TPG Capital Partner David Trujillo said in an interview that the deal fits in with his firm’s “picks and shovel” strategy of focusing on rising internet use. TPG has investments in music provider Spotify, car sharing services Uber Technologies and others.

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