GCI Liberty To Sell Its Stake Of LendingTree - Quick Facts

(RTTNews) - GCI Liberty, Inc. (GLIBA, GLIBP) has agreed to sell its stake of LendingTree, Inc. and agreed to unwind its forward sale contract on LendingTree shares. The gross proceeds of the sale are expected to be $1.007 billion.

Greg Maffei, GCI Liberty President and CEO, said: "Given our substantial return and other objectives we have for GCI Liberty, we felt it was an opportune time to monetize this investment."

On August 6, 2020, GCI Liberty and Liberty Broadband entered into a definitive merger agreement under which Liberty Broadband has agreed to acquire GCI Liberty in a stock-for-stock merger. The HSR waiting period expired on October 9, 2020. The FCC released public notice of approval of transfer of control on October 23, 2020, which is expected to become a final order on December 2, 2020. GCI Liberty expects the combination to close no later than the first quarter of 2021.