Charter Communications To Acquire Liberty Broadly Through Stock Deal

(RTTNews) - Charter Communications, Inc. (CHTR) Wednesday announced a definitive agreement to acquire Liberty Broadband Corp. (LBRDA, LBRDK, LBRDP) in an all-stock transaction.

As per the agreement, each holder of Liberty Broadband Series A common stock, Series B common stock, and Series C common stock will receive 0.236 of a share of Charter common stock per share of Liberty Broadband common stock held, with cash to be issued in lieu of fractional shares. Each holder of Liberty Broadband Series A cumulative redeemable preferred stock will receive one share of newly issued Charter cumulative redeemable preferred stock per share of Liberty Broadband preferred stock held.

Charter expects to retire the approximately 45.6 million Charter shares currently owned by Liberty Broadband and to issue approximately 34.0 million shares to holders of Liberty Broadband common stock at the closing. The companies currently expect the transaction to close on June 30, 2027.

Liberty Broadband also has agreed to spin off its GCI LLC business and GCI will become an independent public company prior to close.

Greg Maffei, President & CEO of Liberty will be stepping down at the end of this year and will continue as a director of Charter.