Charter Communications Completes Liberty Broadband Acquisition, Cox Transaction
MT Newswires Live
Aug 20
Charter Communications (CHTR) said Thursday it has completed its acquisition of Liberty Broadband and closed a deal with Cox Communications to create a combined broadband and video firm.
Cox Enterprises received $4 billion in cash alongside common and preferred units, giving it an approximate 26% stake in the entity, the company said.
Charter issued 0.236 of a share for each share of Liberty Broadband common stock in a transaction that also assumed $840 million in net debt, which is planned to be repaid soon, Charter Communications said.
The organization plans to rename its parent entity to Cox Communications within a year while maintaining operations under the Spectrum brand, it said.
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