Charter to acquire Cox Communications for ~$34.5B enterprise value

CHARTER COMMUNICATIONS, INC. /MO/

Enterprise value ~$34.5B based on 6.44x 2025E Adj. EBITDA; includes ~$12B debt assumption.
Consideration: $4B cash, $6B convertible preferred (6.875% coupon), ~33.6M Charter common units (~$11.9B).
Cox Enterprises will own ~23% of combined entity; Alex Taylor to become Chairman, Winfrey remains CEO.
Combined net leverage ~3.9x; target leverage adjusted to 3.50–4.00x; ~$500M annual cost synergies expected within 3 years.
Transaction subject to regulatory and Charter shareholder approval; closing expected contemporaneous with Liberty Broadband merger.

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