NEW YORK, March 19, 2013 -- On March 19, 2013, Liberty Media Corporation entered into an agreement with investment funds managed by, or affiliated with, Apollo Management, Oaktree Capital Management and Crestview Partners to acquire an approximate 27.3% interest in Charter Communications for approximately $2.617 billion. Liberty expects to fund the purchase with a combination of cash on hand and new loan arrangements.
Liberty has entered into a Stockholders Agreement with Charter that entitles Liberty to nominate four directors to Charter’s 11 member board directors and subjects Liberty to an ownership cap of 35% until 2016 and 39.99% thereafter. In addition, Charter approved and exempted Liberty under the business combination provisions of the Delaware General Corporation Law (Delaware 203).
The transaction is expected to close in the first half of the second quarter of 2013, subject to the satisfaction of customary closing conditions, including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
For more information, please see Liberty Media’s news release by clicking here.
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