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Liberty Media buys 27.3% in Charter for USD 2.62 bln
2013-03-20 09:01:00| Telecompaper Headlines
(Telecompaper) Liberty Media has agreed to buy a 27.3 percent stake in cable company Charter Communications for USD 2.617 billion. The company controlled by John Malone will pay USD 95.50 per share to acquire 26.9 million shares and 1.1 million warrants from Charter's shareholders Apollo Management, Oaktree Capital Management and Crestview Partners. Liberty expects to fund the purchase with a combination of cash on hand and new loan arrangements. The deal should close early in Q2. Liberty Media will have the right to four seats on the Charter board after the acquisition. Chairman Malone, Liberty Media CEO Gregory Maffei, Liberty Global CTO Nair Balan, and Michael Huseby, CFO of Barnes & Noble, are expected to take up the seats, replacing Stan Parker, Darren Glatt, Bruce Karsh and Edgar Lee. Liberty Media also agreed to not increase its stake in Charter above 35 percent until January 2016 and 39.99 percent thereafter.
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Category:Telecommunications