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Liberty Broadband and GCI Liberty Announce Closing of Combination
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Liberty Broadband Corporation (“Liberty Broadband”) (NASDAQ: LBRDA, LBRDK, LBRDP) and GCI Liberty, Inc. (“GCI Liberty”)
About this update from Liberty Broadband Corporation
[{"type":"text","content":" ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nLiberty Broadband Corporation (“Liberty Broadband”) (NASDAQ: LBRDA, LBRDK, LBRDP) and GCI Liberty, Inc. (“GCI Liberty”) (NASDAQ: GLIBA, GLIBP) each announced that Liberty Broadband has closed its acquisition of GCI Liberty via a stock-for-stock merger (the “combination”).\n\n“We are pleased to have closed Liberty Broadband’s acquisition of GCI Liberty. This process was driven by independent special committees of each company, and we are confident that the transaction will unlock value and benefit the shareholders of both companies,” said Greg Maffei, Liberty Broadband President and CEO.\n\nAt the effective time of the combination, (i) each share of GCI Liberty Series A common stock outstanding immediately prior to the effective time was converted into 0.580 of a share of Liberty Broadband Series C common stock, (ii) each share of GCI Liberty Series B common stock outstanding immediately prior to the effective time was converted into 0.580 of a share of Liberty Broadband Series B common stock and (iii) each share of GCI Liberty Series A Cumulative Redeemable Preferred Stock outstanding immediately prior to the effective time was converted into one share of newly issued Liberty Broadband Series A Cumulative Redeemable Preferred Stock. Cash will be paid in lieu of issuing fractional shares of Liberty Broadband Series C common stock and Liberty Broadband Series B common stock.\n\nAs a result of the completion of the combination, shares of GCI Liberty Series A common stock and GCI Liberty Series A Cumulative Redeemable Preferred Stock will no longer trade on Nasdaq, and shares of GCI Liberty Series B common stock will be removed from quotation on the OTC Markets. Shares of Liberty Broadband Series A Cumulative Redeemable Preferred Stock are expected to begin trading on the Nasdaq Global Select Market under the symbol “LBRDP” when the market opens on December 21, 2020.\n\nThe major assets and liabilities of Liberty Broadband as of the closing of the combination are:\n\n\nAssets\n\n\n59.5 million shares of Charter Communications\n\n\nGCI Holdings, LLC (“GCI”)\n\n\nSkyhook\n\n\nApproximately $1.5 billion cash & cash equivalents\n\n\n\n\nLiabilities\n\n\n$825 million principal 1.25% exchangeable senior debentures\n\n\n$575 million principal 2.75% exchangeable senior debentures\n\n\n$15 million princi...