Top10 Colorado deals closed in 2006 - Denver Business Journal:

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billion cash In a deal valuee atabout $17 billion in cash and Time Warner Cable Inc. and Comcast purchased nearly all of the assets of bankrup assets onJuly 31. The deal, announced 18 monthse earlier, finally closed after the Federapl Communications Commission approved the Earlier on, there were othe suitors. As Greenwood Village-based Adelphia worked to resolves its considerable accounting andmanagement issues, private equith firms and made a joint bid of about $15 billio n cash. And New York-bases offered $16.5 billion for Adelphia' s cable systems. But Time Warner Cable and Comcast closerthe deal. In exchange for acquiring Adelphia's 5.
2 million cable Time Warner Cable and Comcastgpaid Adelphia's bankruptcy estate $12.54 billion in cash plus 156 million shares of Time Warnef Cable Class A common stock -- about 16 percent of its outstandinbg shares. Most of the sharesa were to be distributed to Adelphia stakeholders in order to complhwith Adelphia's Chapter 11 plan. Adelphia's base of 5 milliomn subscribers in 31 states was split betweenNew York-basexd Time Warner Cable and Comcast, based in The two cable giants also swapped some cable systems. The expanded cable footprints and improvedsubscriber clustering. Time Warner Cable gained cable systems that passapproximately 7.6 million homes with abouft 3.
3 million basic subscribers, while Comcast addefd about 1.7 million basic subscribers. Both companies have workef on deployingenhanced video, high-speed data, digitaol voice and other advanced services to former Adelphia subscribers. Adelphia sank into troubl e in 2002 when investors lost billionzsof dollars, following claims that memberes of its founding family used millions of dollars from company funds for personal use -- and at the same misrepresented Adelphia's financial status. Later, whilr Adelphia (then the nation's fifth-largest cabled operator) filed for bankruptcy protection, the U.S.
Districty Court in New York convicted John and Timothy Rigas of conspiracy, bank fraud and securities fraud chargexs last July. John Rigas, 80, was handed a 15-yeafr sentence; his son receivee a 20-year prison term. In October, they faced new criminall charges from federal officials who alleged they were at the centeer ofa tax-evasion plot. On Feb. 13, Time Warner which was a subsidiaryof , becamse a public company and beganh trading on the New York Stock Exchange on March 1. Laurie DiBattista | ldwordsmith@msn.com No. 2 Buyer: Value of deal: $4.6 billioh cash Western Gas Resources Inc.
was acquired last year by one ofthe world'e largest independent exploration and production companies, Houston-basef Anadarko Petroleum Corp., for about $4.6 billion in As part of the deal, Anadarko also assumeds about $600 million of The acquisition of Western Gas Resources, one of Denver'e top oil and gas companies, gave Anadarkl the opportunity to buy into active playxs in the Rocky Mountain region. The proposed agreemengt between the two energt companies was announcedJune 23, after Anadarko's board of directors unanimously approvesd the deal to pay $61 a sharew in cash -- a 49 percent premium over Westernm Gas Resources' closing price of $40.91 the previous day.
Beford completing the acquisitionon Aug. 23, Anadarko receivesd federal antitrust clearance underthe Hart-Scott-Rodino Antitrust Improvementa Act. Before the Western Gas Resources' net incomr had shot up 60 percent in 2005to $203. million, compared to $127.8 milliobn in 2004. Longtime Denver oilman Pete r Dea was president and CEO ofthe firm, foundexd in 1977, which explored, produced, gathered, processed, transported and marketed natural gas and natural gas Western Gas Resources' producing properties were mostlyu in Wyoming, and included development of the Powdet River Basin coal-bed methane play and the Pinedalew Anticline in the Green Rive r Basin -- two of the larges natural gas discoveries in recent yearw in the continental United States.
Western Gas Resources also built, owned and operated natural gas gathering, processing and treating facilitie s inmajor gas-producing basins in the Rocku Mountain, Central, and West Texas regions of the United Just 13 days before Anadarko boughtf Western Gas Resources, it acquired , an Oklahoma-based globao energy company, for $16.4 billiomn cash and the assumption of net debt and other liabilitiess totaling about $1.6 billion. Among Kerr-McGee's holdingx were 451,000 acres in the Wattenberg natural gas playin Colorado.