Liberty Media has completed its US$2.6bn acquisition of a 27.3% stake in US cableco Charter Communications.
Liberty, controlled by John Malone, acquired shares from private-equity firms Apollo Management, Oaktree Capital Management and Crestview…
Liberty Media has completed its US$2.6bn acquisition of a 27.3% stake in US cableco Charter Communications.
Liberty, controlled by John Malone, acquired shares from private-equity firms Apollo Management, Oaktree Capital Management and Crestview Partners.
Liberty funded the purchase with US$1.2bn of cash on hand and borrowed US$1.4bn under newly executed margin loans, secured against a portfolio of selected stocks.
In March it struck a deal to buy 26.9 million Charter shares and 1.1 million warrants for US$95.50 per share. Liberty has agreed to not increase its stake in Charter above 35% until January 2016, and 39.99% thereafter.
Liberty’s chairman, John Malone, and its CTO and CFO, and the CFO of Barnes & Noble, will all join Charter’s board. They replace Stan Parker, Darren Glatt, Bruce Karsh and Edgar Lee.
