Liberty Interactive - Liberty Ventures - 500 Beiträge pro Seite

[R-BgO]

...heute mal ein paar Ansichtsstücke geholt, um mich zum Hinschauen zu motivieren;

damit ist mein John Malone-Zoo komplett: Liberty Global und Liberty Interactive QVC sind auch dabei.

[R-BgO]

sie haben für "H1-2016" 2 weitere spin-offs geplant:

Liberty Expedia Holdings & CommerceHub

[R-BgO]

Antwort auf Beitrag Nr.: 52.596.893 von R-BgO am 12.06.16 10:59:32

CommerceHub ist da

Thread: CommerceHub

[R-BgO]

Antwort auf Beitrag Nr.: 52.590.605 von R-BgO am 10.06.16 18:53:53

Denali Investors ist ein Malone-Spezialist:

http://www.valuewalk.com/2016/07/denali-investors-2015-lette…

[R-BgO]

Antwort auf Beitrag Nr.: 52.947.628 von R-BgO am 29.07.16 16:38:29

[R-BgO]

Antwort auf Beitrag Nr.: 52.947.676 von R-BgO am 29.07.16 16:41:33

nächster Deal:

[R-BgO]

Antwort auf Beitrag Nr.: 55.027.242 von R-BgO am 27.05.17 10:38:28

spin-off hat stattgefunden,

die neue WKN A2JFZ1 ist bei w:o noch nicht bekannt;

kompliziertes Ding:


Liberty Interactive and GCI Liberty Announce Completion of Transactions
March 09, 2018 07:00 PM Eastern Standard Time
https://www.businesswire.com/news/home/20180309005836/en/Lib…

ENGLEWOOD, Colo. & ANCHORAGE, Alaska--(BUSINESS WIRE)--

Liberty Interactive Corporation (to be renamed Qurate Retail Group, Inc., but herein referred to as “LIC”) (Nasdaq: QVCA / QRTEA, QVCB / QRTEB) and GCI Liberty, Inc. (“GCI Liberty”) (Nasdaq: GLIBA, GLIBP) announced the completion of LIC’s previously announced acquisition of GCI Liberty (formerly General Communication, Inc. or GCI) and series of transactions that effected the split-off of GCI Liberty.

“We are pleased to complete the acquisition of GCI and subsequent split-off of GCI Liberty. GCI has made significant investments over the past 30 years to build a state of the art network for Alaska, and we welcome the team and look forward to its continued success as part of the Liberty family,” said Greg Maffei, GCI Liberty President and CEO. “With GCI Liberty and Qurate now trading as asset-backed stocks, we believe this better highlights the value of their underlying assets.”

“This transaction is a win for our shareholders, customers, and employees. As part of a larger company, GCI will be even better positioned to compete, innovate, and serve Alaskans and our customers nationwide,” said Ron Duncan, CEO of GCI. “I am deeply proud of the contributions that GCI employees have made, and will make, to Alaska’s development as the 49th state. All of us at GCI are grateful for our customers’ support over the years, and we will continue to work hard to retain that support in the years ahead.”

After market close on March 8, 2018, LIC’s board of directors approved the previously announced reattribution of certain assets and liabilities from LIC’s Liberty Ventures Group to its QVC Group, which was effective immediately. In the reattribution, certain assets and liabilities of the Liberty Ventures Group were reattributed to the QVC Group based on closing prices on March 8th (as applicable), as detailed below. As previously announced, LIC intends to rebrand the QVC Group as Qurate Retail Group after closing, with the formal name change to follow.

Assets: (approximate value $1,912m)
Cash ($1,048m)(1)
ILG ($475m after-tax)(2)
FTD ($122m after-tax)(2)
Private assets(3) ($83m)
Green Energy Investments ($172m)
Tax benefits – stock options ($12m)

Liabilities: (approximate value $1,912m)
Exchangeable Debentures
1.75% debentures (defined below) ($583m)(4)
Remaining Exchangeables(5)

Earlier today, LIC contributed to GCI Liberty the remaining assets and liabilities attributed to its Liberty Ventures Group following the reattribution in exchange for newly-issued shares of GCI Liberty Class A common stock (“GLIBA”) and Class B common stock (“GLIBB”), representing a controlling interest in GCI Liberty, upon which GCI Liberty became a subsidiary of LIC.

After the contribution, at 4:01 p.m., New York City time, LIC effected a tax-free separation of its controlling interest in GCI Liberty by redeeming each outstanding share of its Series A Liberty Ventures common stock (“LVNTA”) and Series B Liberty Ventures common stock (“LVNTB”) for one share of GLIBA and GLIBB, respectively (the “split-off”).

The reattribution, contribution and split-off follow the previously announced automatic conversion of each outstanding share of GCI Liberty’s former Class A-1 common stock and Class B-1 common stock into 0.63 of a share of GLIBA and 0.2 of a share of its Series A Cumulative Redeemable Preferred Stock (“GLIBP”), which occurred on March 8th. GLIBP shares have a 21-year term, $25 per share liquidation preference and 1/3 vote per share with no conversion feature. GLIBP shares have a 5% initial dividend rate that increases to 7% upon the reincorporation of GCI Liberty in Delaware, which is expected to be completed as soon as practical after closing.

As a result of the transactions, LIC no longer holds an equity interest in GCI Liberty. Following the split-off, there are approximately 105 million shares of GLIBA, 4.5 million shares of GLIBB, and 7.3 million shares of GLIBP outstanding, and former Liberty Ventures stockholders hold approximately 79% of the common equity of GCI Liberty and an approximate 83% voting interest in GCI Liberty based on shares outstanding as of closing.

After giving effect to the split-off, the assets of GCI Liberty consist of its subsidiaries GCI and Evite and interests in Liberty Broadband, Charter and Lending Tree.

Prior to the split-off, GCI under the terms of its stock appreciation rights agreement with Searchlight ALX, Ltd. (the “Searchlight SAR”) settled its obligations under the agreement for approximately $80 million, which was funded using additional borrowings under GCI’s credit facility. Simultaneous with closing, GCI Liberty repaid GCI’s $75 million Searchlight Note using cash at GCI Liberty. Also prior to the split-off, GCI Liberty drew down in full on a $1 billion margin loan against its 42.7 million Series C shares of Liberty Broadband Corporation (“LBRDK”). A portion of the proceeds drawn on the margin loan were distributed to LIC in connection with the reattribution to be used within one year for the repurchase of QVC Group stock or to pay down debt.

After giving effect to the transactions, the cash balance at GCI Liberty is approximately $466 million, based on GCI and Liberty Ventures Group cash balances as of December 31, 2017, pro-forma for the $1 billion LBRDK margin loan draw less cash reattributed to the QVC Group and approximately $75 million of cash used to repay the Searchlight Note, as discussed above.

As previously announced, LIC’s outstanding 1.75% Charter exchangeable debentures due 2046 (the "1.75% debentures") were reattributed to the QVC Group at the closing, together with approximately $583 million of cash equal to the net present value of principal and cash interest payments through the put/call date (October 2023).

Following the split-off, LIC will benefit from an indemnity obligation from GCI Liberty with respect to any payments made by LIC in excess of the adjusted principal amount of the debentures to any holder that exercises its exchange right on or before the put/call date, less any potential tax benefit to LIC from the retirement of such debentures at a premium. GCI Liberty is supporting this obligation with a negative pledge in favor of LIC on 2.2 million Charter shares at GCI Liberty that are referenced by the 1.75% debentures. In addition, LIC has agreed to use its commercially reasonable efforts to repurchase the outstanding debentures within 6 months following the closing, on terms and conditions reasonably acceptable to GCI Liberty. GCI Liberty will reimburse LIC for the difference between the purchase price of the tendered debentures and the amount of cash delivered in the reattribution with respect to the tendered debentures, less any potential tax benefit to LIC from retiring such debentures at a premium. GCI Liberty's indemnity obligation and the number of shares subject to the negative pledge will be ratably reduced with respect to any debentures repurchased by LIC.

GCI Liberty may (but is not required to) complete an offering of Charter exchangeable debentures, proceeds of which may be used to reimburse LIC with respect to the aforementioned tender offer. The amount needed to fund is estimated at approximately $283 million based on $750 million principal outstanding and the bonds trading at $116 as of March 8, 2018.

As a result of these transactions, LIC has delisted LVNTA and LVNTB, and as a result, LVNTA and LVNTB will no longer trade on the NASDAQ Global Select Market, the QVC Group will cease to function as a tracking stock and will effectively become a regular common stock. Beginning on Monday, March 12, 2018, LIC’s Series A and Series B QVC Group common stock will no longer trade under the symbols “QVCA” and “QVCB,” respectively, and will begin trading under the symbols “QRTEA” and “QRTEB,” respectively, in connection with the rebranding. GCI Liberty’s Class A common stock and preferred stock are expected to commence trading in the regular way under the symbols “GLIBA” and “GLIBP,” respectively, on Monday, March 12th. GCI Liberty intends to cause its Class B common stock to be quoted on the OTC Markets as soon as practicable following the closing date. However, LIC and GCI Liberty can give no assurances as to the timing of the quotation or the symbol under which GCI Liberty’s Class B common stock will be quoted.

Following the split-off, the assets of LIC (which will become Qurate Retail Group) consist of its subsidiaries QVC, HSN, zulily, the Cornerstone Brands, certain green energy investments, interests in ILG and FTD and other private assets(3). Pro-forma for the reattribution, the cash balance at LIC is approximately $1.4 billion based on QVC Group’s cash balance as of December 31, 2017.

On March 8, 2018, LIC’s board of directors authorized the additional repurchase of approximately $700 million of LIC common stock. The total repurchase authorization for LIC as of January 31, 2018, pro-forma for this new authorization, is approximately $1.3 billion. Additionally, the GCI Liberty board of directors authorized the repurchase of $650 million of GCI Liberty common stock, which replaces any previous authorization in place at GCI.

[R-BgO]

Antwort auf Beitrag Nr.: 57.483.239 von R-BgO am 06.04.18 17:48:28

inzwischen ist die WKN bei w:o bekannt, ergo

Thread: GCI Liberty