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Bond Market News
Charter Communications’ Bonds Rally on $34.5bn Merger with Cox
May 19, 2025
Charter Communications and Cox Communications have agreed on a merger, in a deal valued at an enterprise value of $34.5bn – $21.9bn in equity and $12.6bn of net debt and other obligations.. This merger will combine two of the largest cable providers in the US. The resulting company is projected to become the top broadband operator in the US, expanding Charter’s customer base by over 20%, as per Bloomberg. This consolidation occurs as cable companies face increasing competition. Under the agreement, Charter will acquire Cox Communications’ commercial fiber, managed IT, and cloud businesses. Cox Enterprises will contribute its residential cable business to Charter Holdings. The companies anticipate that the deal will generate approximately $500mn in annual savings within three years, which will aid in managing the $12bn debt assumed from Cox. Upon closing, the combined company will operate under the Cox Communications name, with Charter CEO Chris Winfrey leading the company. The Cox family will become the largest shareholder, holding approximately 23% of the combined company.
Charter Communications’ 4.75% 2030s are up over 1.6 points, currently trading at 96.38, yielding 5.62%.
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