Charter Has Obtained All Necessary Approvals To Acquire Time Warner Cable

Charter Communications, Inc. (NASDAQ: CHTR) announced late Thursday afternoon it has received the approval from the California Public Utilities Commission for its proposed acquisition of Time Warner Cable Inc (NYSE: TWC).

The U.S. Federal Communications Commission voted in favor of the proposed merger last week, implying the California Public Utilities Commission was the last regulatory body required to give their seal of approval.

Related Link: Report: FCC Is Supportive Of Charter's Acquisition Of Time Warner Cable

"We are pleased to have now obtained all approvals," Tom Rutledge, President and CEO of Charter Communications said in the company's press release on Thursday. "We look forward to closing these transactions next week and to begin delivering the many benefits of these transactions to consumers."

As part of the agreement, Time Warner Cable shareholders will now receive $100.00 in cash and the equivalent of 0.5409 shares of the new company to be named "Charter Communications, Inc." for each share of Time Warner Cable it owned.

Time Warner shareholders can also elect to receive $115.00 in cash and 0.4562 shares of legacy Charter for each share of Time Warner Cable owned.

Charter shareholders will be entitled to receive 0.9042 shares of New Charter common stock for each legacy Charter share owned.