PE Backers Selling $2.6B in Charter Communications Stake
March 21, 2013
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PE investors Apollo Global Management, Oaktree Capital Management and Crestview Partners have agreed to sell an approximate 27.3% stake in Charter Communications (NASDAQ: CHTR) to Liberty Media (NASDAQ: LMCA) for about $2.617 billion ($95.50 per share). The transaction includes about 26.9 million shares and 1.1 million warrants. Apollo is selling its entire stake in the company; Crestview will retain a 7.4% stake and Oaktree a 2.2% stake. The three firms partnered with Franklin Templeton Group to acquire Charter, a cable television systems operator, out of bankruptcy in 2009.
