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Time Warner Cable to merge with Comcast Corporation to Create a World-Class Technology and Media company

Thursday, 13 Feb 2014 06:30am EST 

Comcast Corporation:Says Boards of Directors have approved a definitive agreement for Time Warner Cable to merge with Comcast.Says the agreement is a friendly, stock-for-stock transaction in which Comcast will acquire 100 percent of Time Warner Cable's 284.9 mln shares outstanding for shares of CMCSA amounting to about $45.2 bln in equity value.Says each Time Warner Cable share will be exchanged for 2.875 shares of CMCSA, equal to Time Warner Cable shareholders owning about 23 pct of Comcast's common stock, with a value to Time Warner Cable shareholders of about $158.82 per share based on the last closing price of Comcast shares.Says transaction will generate about $1.5 bln in operating efficiencies and will be accretive to Comcast's free cash flow per share while preserving balance sheet strength.Says merger will also be tax free to Time Warner Cable shareholders. 

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