Liberty Broadband provides update on pending acquisition by Charter

Liberty Broadband (LBRDA) announced an update to the expected timing of its pending acquisition by Charter (CHTR). On May 16, Charter and Cox Communications announced that they entered into a definitive agreement to combine their businesses. In connection with this transaction, Liberty Broadband has agreed to accelerate the closing of its previously announced acquisition by Charter to occur contemporaneously with Charter’s combination with Cox. There are no changes to any other transaction terms of the pending Liberty Broadband and Charter transaction. If Charter and Cox do not complete their transaction, Liberty Broadband may elect to accelerate the close of its transaction with Charter to occur on the later of the tenth business day after the termination of the Charter and Cox transaction and the third business day after the satisfaction of the applicable closing conditions to the Liberty Broadband and Charter transaction. Liberty Broadband has also agreed to provide its voting support for the Charter and Cox combination. The three Liberty Broadband nominees on Charter’s board will resign at the closing of Charter’s acquisition of Liberty Broadband. The acquisition of Liberty Broadband by Charter is subject to the completion of the spin-off of Liberty Broadband’s GCI business by way of a distribution to its common stockholders, which is expected to occur in summer 2025, and other customary closing conditions.