Shareholders in Charter Communications (NASDAQ:CHTR) and Time Warner Cable (NYSE:TWC) have overwhelmingly approved the former’s planned US$56.7bn takeover of the latter.
Some 99% of Charter shareholders voted in favour of the TWC deal, as well as the concurrent US$10.4bn takeover of Bright House Networks, the buyer said.
If also approved by regulars, the three-way tie-up would create the country’s second largest cable operator behind Comcast.
In its own statement, TWC said over 99% of its shareholders’ votes had also been in favour of the merger.
According to TWC chairman and CEO Rob Marcus, “The merger will maximise value for our stockholders while creating a company dedicated to delivering great customer experience.”
Charter and TWC entered into their merger agreement on 23 May. The FCC is currently reviewing Charter’s planned purchases.
Charter has previously said it expects the deals to close this year, although New Street Research analyst Jonathan Chaplin said he thinks a February-March completion is more likely.
