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Charter Announces Plans for Cox Communications Acquisition for 21.9 Billion
What
Charter Communications Agrees to Purchase Cox Communications.
Summary
Charter Communications announced this morning in a press release an definitive agreement to purchase rival Cox Communications for 21.9 Billion.
Statement details:
As consideration in the transaction, Cox Enterprises will receive:
$4 billion in cash,
$6 billion notional amount of convertible preferred units in Charter's existing partnership, which pay a 6.875% coupon, and which are convertible into Charter partnership units, which are then exchangeable for Charter common shares, and
Approximately 33.6 million common units in Charter's existing partnership, with an implied value of $11.9 billion1, and which are exchangeable for Charter common shares.
1. Assumes 33.6 million common units are exchanged for 33.6 million Charter common shares, multiplied by Charter's (NASDAQ: CHTR) 60-day Volume Weighted Average Price of $353.64, as of 4/25/25.1More
Why
Merging companies for better business strategies due to changing markets.
When
February of 2025.
Where
Charter's HQ, Stamford, Connecticut.
Sources