Charter Communications, Inc. (CHTR) has formalized an agreement to acquire Liberty Broadband Corp. (LBRDA, LBRDK, LBRDP) through an all-stock transaction.
In line with the terms of the deal, holders of Liberty Broadband's Series A, B, and C common stock are set to receive 0.236 shares of Charter common stock for every share they own, with cash compensation provided for any fractional shares. Additionally, owners of Liberty Broadband's Series A cumulative redeemable preferred stock will be entitled to one newly issued share of Charter cumulative redeemable preferred stock per share of Liberty Broadband preferred stock held.
Charter plans to repurchase roughly 45.6 million shares it previously sold to Liberty Broadband while issuing about 34.0 million shares to Liberty Broadband common stockholders upon closing. The parties anticipate finalizing the transaction on June 30, 2027.
As part of the arrangement, Liberty Broadband is set to spin off its GCI LLC operations, allowing GCI to function as an independent public company pre-closing.
Greg Maffei, current President and CEO of Liberty, will resign his position by the end of the year but continue to serve as a director at Charter.
