The companies made it official Tues morning, with Liberty announcing it has entered into a definitive agreement with investment funds managed by, or affiliated with, Apollo, Oaktree Capital and Crestview Partners to acquire approximately 27.3% beneficial ownership in Charter.
Liberty will acquire 26.9mln shares and approximately 1.1mln warrants in Charter for about $2.6bln. It expects to fund the transaction with cash on hand and new loan arrangements.
“We are pleased with Charter’s market position and growth opportunities and believe that the company’s investments in its high-capacity digital network which provides digital HD and on demand television, high-speed data and voice, will benefit its customers and shareholders alike,” said John Malone, Liberty Chairman.
More in tonight’s CableFAX Daily.