Comcast Corp. agreed to acquire Time Warner Cable Inc. for $45.2 billion in stock, a surprise deal that combines the two largest U.S. cable companies and creates a bulwark against competition from phone and satellite providers.
Time Warner Cable investors will receive 2.875 Comcast stock for each of their shares, the companies said in a joint statement today. The purchase values each Time Warner Cable share at $158.82, or 17 percent more than its closing price yesterday. The transaction, subject to approval by stockholders and regulators, is expected to be completed by the end of 2014.
