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Liberty Media buys 27% Charter stake from Apollo, Oaktree, Crestview

20 Mar 2013

tv-watch-remote-sport-televisionPrivate equity-backed Charter Communications, the fourth largest cable company in the US, has sold a 27.3 per cent stake to Liberty Media in a $2.6bn deal.

Oaktree Capital Management, Apollo Global Management and Crestview Partners sold about 27 million shares and 1.1 million warrants to Liberty in the deal at $95.50 per share.

Apollo is exiting its entire 18.3 per cent stake in the share sale by parting with more than 18.6 million shares.

Crestview will hold about 7.4 per cent of the business following the share sale, while Oaktree will have a 2.2 per cent interest, with both firms dropping their stakes from 9.34 per cent.

The deal is expected to be completed early in the second quarter of this year.

Liberty has agreed not to increase its stake in Charter above 35 per cent until January 2016, and not above 39.99 per cent after that point.

Charter chairman Eric Zinterhofer said, “This transaction reflects a solid endorsement of the strategy that Tom Rutledge and his team are implementing at Charter.

“Apollo, Oaktree, and Crestview have created substantial value for Charter and its shareholders, and on behalf of Charter’s board, we look forward to working with Liberty Media in creating further value.”

In December 2012 ABRY Partners and Oak Hill  agreed to sell all the shares of US cable provider Atlantic Broadband to Cogeco, the Canadian media and communications business.

ABRY Partners IV and Oak Hill entered into a definitive agreement to sell all of the company’s shares for $1.36bn, or 8.3-times Atlantic Broadband’s estimated 2013 EBITDA.

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