Comcast and Time Warner said on Monday that they closed a deal under which the two firms will acquire bankrupt cable provider Adelphia Communications’ assets, currently valued at $17 billion, Reuters reports.
As part of the deal, Time Warner Cable, the firm’s cable division, will add 3.3 million Adelphia customers to its existing 11.1 million, and Comcast will add 1.7 million Adelphia subscribers, bumping its total cable subscriber number to 23.3 million, according to Reuters.
Both firms will pay roughly $12.5 billion in cash, and Time Warner Cable will pay out stock worth approximately 16 percent of the division’s equity, Reuters reports.
Back in April, Adelphia valued the agreement at $16.9 billion, according to Reuters.
Adelphia now owns 16 percent of Time Warner Cable, while the Time Warner parent owns the remaining 84 percent, Reuters reports.
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