Charter Completes Cox and Liberty Broadband Transactions

M&A · Partnership

โดย PR Newswire·

Summary · why it matters

Charter Communications has completed its acquisition of Cox Communications and Liberty Broadband Corporation, creating the leading broadband and video company in the nation. A subsidiary of Cox Enterprises received approximately 33.6 million common units in Charter Holdings with an implied value of about $5 billion, $6 billion of convertible preferred units with a 6.875% coupon, and a total of approximately $4 billion in cash. Cox Enterprises now owns about 26% of the combined entity's fully diluted shares, and approximately $12 billion of Cox debt and finance leases remain outstanding at Charter subsidiaries. In the Liberty Broadband transaction, each share of Liberty Broadband common stock was exchanged for 0.236 of a Charter share, resulting in a net decrease of about 4.7 million Charter shares outstanding. Spectrum will launch its brand, pricing, and packaging in all Cox markets mid-September, and Cox internet customers will receive a free year of mobile service.