This Nov. 1, 2012 photo shows teens on the beach at Point Pleasant Beach, N.J., next to pilings that used to support part of a boardwalk that was washed away by Superstorm Sandy. Coastal towns are racing to repair their boardwalks in time for next summer. (AP Photo/Wayne Parry)
Charter to buy Optimum West in $1.63 billion deal
Published: 11:02:54 PM, Thu 07 February 2013 UTC
NEW YORK (AP) — Charter Communications says it is buying cable company Optimum West from CableVision Systems Corp. for about $1.63 billion in cash.
Optimum West manages cable systems in Colorado, Montana, Wyoming, and Utah, with 304,000 video subscribers. Charter says the business is experiencing quick growth in video, Internet, and phone customers.
Charter, based in Stamford, Conn., says it has $1.5 billion in committed bank financing for the deal. The remaining costs will be paid with cash on hand and borrowing from its revolving credit facility. Charter expects the sale to close in the third quarter.
Cablevision corporate headquarters is in Bethpage. N.Y.
Charter shares rose 38 cents to $81.01 in after-hours trading. Cablevision lost 11 cents to $15.06, after rising 5.6 percent during the day.
Tags:
ap, comcast, new york knicks, new york rangers, cablevision, cablevision systems corp., conn., charter communications, charter, cents, after-hours trading, wyoming, percent, deal, credit, borrowing, colorado, business, phone customers, internet, cash, montana, stamford, utah, new york, cable systems, video subscribers, optimum west, cable company optimum, cablevision corporate headquarters, revolving credit facility, committed bank financing, quick growth, charter shares, bethpage, revolving credit, bethpage, new york, new york liberty
