Liberty Buys 27% Interest in Charter
$2.617B deal gives board seats, path to larger interest
By Mike Farrell, Multichannel News -- Broadcasting & Cable, 3/19/2013 11:21:03 AM
Liberty will purchase the stakes from Apollo Management, Oaktree Capital Management and Crestview Partners, for a price of about $95.50 per share. As a result, Liberty will become Charter's largest individual shareholder with 27.3% of its outstanding shares. As part of the agreement, Liberty also received the right to elect four members of Charter's 11-member board of directors and has agreed not to raise its stake above 35% before January 2016 or above 39.99% hereafter.
Liberty said it would fund the deal through a combination of cash on hand and new loan arrangements. The Wall Street Journal first reported the two were considering a transaction in a report Monday.
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