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Liberty Broadband and GCI Liberty Announce Proposed Combination
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Liberty Broadband Corporation (“Liberty Broadband”) (NASDAQ: LBRDA, LBRDK) and GCI Liberty, Inc. (“GCI Liberty”) (NASDAQ:
About this update from Liberty Broadband Corporation
[{"type":"text","content":" ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nLiberty Broadband Corporation (“Liberty Broadband”) (NASDAQ: LBRDA, LBRDK) and GCI Liberty, Inc. (“GCI Liberty”) (NASDAQ: GLIBA, GLIBP) announced today that they have entered into a definitive merger agreement under which Liberty Broadband has agreed to acquire GCI Liberty in a stock-for-stock merger (the “Combination”).\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200806005929/en/\n\n“This process was driven by independent special committees of Liberty Broadband and GCI Liberty, and John Malone and I fully endorse the combination,” said Greg Maffei, Liberty Broadband and GCI Liberty President and CEO. “The transaction is financially attractive and beneficial for both companies.”\n\n\nLiberty Broadband’s businesses consist of its interest in Charter Communications, Inc. (“Charter”) and its subsidiary Skyhook. Liberty Broadband also announced today that its Board of Directors increased its repurchase authorization by $1 billion, bringing total authorization to $1.2 billion.\n\n\nGCI Liberty’s principal assets consist of its subsidiary GCI Holdings, LLC and non-controlling interests in Liberty Broadband, Charter Communications, Inc., and LendingTree, Inc.\n\n\nLiberty Broadband and GCI Liberty believe the Combination will provide the following benefits to all shareholders:\n\n\n\nGenerate savings on public company and overhead costs\n\n\nSimplify administrative and management complexity\n\n\nAim to reduce trading discounts to underlying equities\n\n\nImprove flexibility for future strategic combinations\n\n\n\nLiberty Broadband believes benefits of the Combination include:\n\n\n\nIssuing Liberty Broadband equity to take advantage of the more discounted GCI Liberty equity\n\n\nAccretive to NAV per share\n\n\nAcquiring an attractive incremental cable asset with synergy potential\n\n\nAdditional operating asset with free cash flow provides potential for incremental share repurchase\n\n\nStrengthening trading liquidity in LBRDK\n\n\n\nGCI Liberty believes the Combination will provide the following benefits:\n\n\n\nTie GCI Liberty’s future to the more strategic Liberty Broadband\n\n\nPremium to the trading price\n\n\nElimination of the “double-discount” through the LBRDK stake\n\n\nOngoing participation in attractive Charter\n\n\nElim...