09:06 AM EST, 11/13/2024 (MT Newswires) -- (Updates with additional details from the third paragraph on.)

Charter Communications ( CHTR ) said Wednesday that it has entered into a definitive agreement to acquire Liberty Broadband ( LBRDA ) in an all-stock transaction.

Under the terms of the agreement, each holder of Liberty series A common stock, series B common stock and series C common stock will receive 0.236 of a share of Charter common stock for each Liberty share held, with cash to be issued in lieu of fractional shares.

Liberty Broadband ( LBRDA ) has also agreed to spin off its subsidiary GCI, Alaska's largest communications provider.

Under the deal, Liberty Broadband ( LBRDA ) will repay its $2.6 billion in debt before the closing.

Charter said it expects to retire about 45.6 million of its shares now owned by Liberty Broadband ( LBRDA ) and to issue 34.0 million shares to holders of Liberty Broadband ( LBRDA ) stock at the closing.

The companies currently expect the deal to close on June 30, 2027, subject to completion of the GCI spin-off, shareholder approvals, and clearance of regulatory hurdles. The merger has already been unanimously recommended by the boards of both companies.

Price: 373.00, Change: +6.51, Percent Change: +1.78