In a complex deal announced Tuesday morning (4/4), John Malone‘s Liberty Interactive Corp. — a sibling of Sirius XM — has acquired Anchorage-based General Communication Inc. in a transaction with an “undiluted equity value of $1.12 billion.”
GCI is the largest communications provider in Alaska, providing data, wireless, video, voice, and managed services to consumer and business customers throughout Alaska and in the lower 48 states.
The deal calls for Liberty Interactive to purchase GCI through a reorganization in which certain Liberty Ventures Group assets and liabilities will be contributed to GCI, in exchange for a controlling interest in the telecommunications and cable TV services company.
GCI Shareholders will receive total consideration of $32.50 per share — comprised of $27.50 per share in GCI Liberty Class A common stock and $5 in newly issued Series A preferred shares.
The transaction represents an undiluted enterprise value for GCI of $2.68 billion, the companies noted in a statement issued early Tuesday.