Summary
Charter Communications, Inc. (CHTR) filed an 8-K on April 19, 2013, to provide information regarding its anticipated acquisition of Bresnan Broadband Holdings, LLC and its subsidiaries ("Bresnan"). The company entered into an agreement in February 2013 to acquire Bresnan for $1.625 billion in cash, subject to customary adjustments for working capital and indebtedness. Bresnan operates cable systems passing over 660,000 homes and serving approximately 304,000 video customers across Colorado, Montana, Wyoming, and Utah. The filing also includes audited historical financial statements for Bresnan for the years ended December 31, 2012, 2011, and 2010, as well as unaudited pro forma financial information reflecting the acquisition. This transaction is a significant strategic move for Charter, aiming to expand its geographic reach and customer base in key Western U.S. markets. The closing of the acquisition is expected in the third quarter of 2013, though it is contingent on satisfaction or waiver of closing conditions.
Key Highlights
- 1Charter Communications is acquiring Bresnan Broadband Holdings, LLC for $1.625 billion in cash.
- 2The acquisition agreement was entered into in February 2013.
- 3Bresnan operates cable systems in Colorado, Montana, Wyoming, and Utah, passing over 660,000 homes.
- 4The transaction is expected to close in the third quarter of 2013.
- 5The filing includes audited historical financial statements for Bresnan for 2010, 2011, and 2012.
- 6Unaudited pro forma financial information related to the acquisition is also provided.
- 7The purchase price is subject to working capital and funded indebtedness adjustments.