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Charter Buying Optimum West

by KREX News Room
by Jacki Thrapp

Story Created: Feb 8, 2013 at 8:36 AM MDT

Story Updated: Feb 8, 2013 at 8:36 AM MDT

NEW YORK (AP) - Charter Communications says it is buying cable company Optimum West from CableVision Systems Corp. for about $1.63 billion in cash.

Optimum West manages cable systems in Colorado, Montana, Wyoming, and Utah, with 304,000 video subscribers. Charter says the business is experiencing quick growth in video, Internet, and phone customers.

Charter, based in Stamford, Conn., says it has $1.5 billion in committed bank financing for the deal. The remaining costs will be paid with cash on hand and borrowing from its revolving credit facility. Charter expects the sale to close in the third quarter.

Cablevision corporate headquarters is in Bethpage. N.Y.

Charter shares rose 38 cents to $81.01 in after-hours trading.

Cablevision lost 11 cents to $15.06, after rising 5.6 percent during the day.

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