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Thursday, February 7, 2013

Charter to purchase Optimum West from Cablevision for $1.63 bln, (NASDAQ: CHTR)

U.S. cable company Charter Communications said on Thursday it was buying Cablevision's rural cable asset Optimum West for $1.63 billion.Charter said it expected the deal to close in the third quarter of this year.Optimum West, which offers cable, Internet and telephone services in Colorado, Montana, Wyoming and Utah to around 366,000 customers, was one of the fastest-growing cable assets in the United States, Charter said.Cablevision had said in November it was looking to sell the unit, which it bought for $1.4 billion in 2010, after it had received inquiries about the business.

Charter Communications, Inc. is a United States-based company that is engaged in the provision of broadband and cable communication services and solutions. Shares of CHTR fell by 0.52% or $-0.42/share to $80.63. In the past year, the shares have traded as low as $58.05 and as high as $83.55. On average, 829427 shares of CHTR exchange hands on a given day and today's volume is recorded at 1183706.