© 2015 The Texas Lawbook.
By Natalie Posgate
(May 26) – Liberty Broadband Corporation has agreed to support Charter Communications’ $78.7 billion merger with Time Warner Cable by investing $4.3 billion in Charter. Liberty, currently the largest stockholder of Charter, is also investing $700 million in Charter’s acquisition of Bright House Networks from Advance/Newhouse Partnership.
The transactions are expected to cause Charter to undergo a corporate reorganization in which a current Charter subsidiary will become the publicly traded parent company. It will be called New Charter.
No Texas lawyers were on the deal, but one Texas firm was. Baker Botts attorneys from the firm’s New York and Washington, D.C. offices represented Liberty.
Charter hired Wachtell, Lipton, Rosen & Katz as its legal counsel. It also retained New York attorneys from Kirkland & Ellis to handle financial matters.
Time Warner’s lawyers were from Paul, Weiss, Rifkind, Wharton & Garrison; Latham & Watkins; and Skadden, Arps, Slate, Meagher & Flom.
Advance/Newhouse and Bright House hired attorneys from Sullivan & Cromwell.
Following the Charter-TWC merger and Bright House acquisition, Liberty is expected to control approximately 25 percent of the aggregate voting power of New Charter, as well as be New Charter’s largest stockholder.
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