Comcast reportedly acquiring Time Warner Cable for $44.2 billion
In a late Wednesday report, CNBC revealed that Comcast Corp. is acquiring Time Warner Cable Inc. in an all-stock deal valued at approximately $44 billion. The move will result in the merger of the two leading cable companies in the US.
Citing the information shared by unidentified sources familiar with the acquisition deal, the CNBC report said that Comcast has agreed to pay Time Warner Cable $159 per share the 277.9 million outstanding shares of the cable firm.
The amount which Comcast will reportedly pay for the takeover transaction will mark a 17.5 percent premium over $135.31 closing price of Time Warner Cable's shares on Wednesday.
The report, by CNBC's David Faber, also added that Comcast will probably try to avoid any potential regulatory objections to its Time Warner Cable acquisition deal by divesting itself of 3 million subscribers.
The approval of the Time Warner Cable acquisition deal by the regulators will enable Comcast to expand its cable empire to serving 33 million customers across the US. With Comcast already serving some of the leading markets like Chicago; Boston; Washington, D.C.; Philadelphia; Detroit; Houston; and Denver, the acquisition of Time Warner Cable will further help the company bring on metro markets such as New York and Los Angeles to its vast footprint.
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