Top10 Colorado deals closed in 2006 - Denver Business Journal:

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billion cash In a deal valued atabout $17 billionm in cash and stock, Time Warnet Cable Inc. and Comcastf Corp. purchased nearly all of the assete of bankrupt assets onJuly 31. The announced 18 months earlier, finally closed after the Federal Communicationx Commission approvedthe move. Earlier on, therer were other suitors. As Greenwoo d Village-based Adelphia worked to resolve its considerablse accounting andmanagement issues, private equity firms and made a jointg bid of about $15 billion cash. And New York-based offered $16.56 billion for Adelphia's cable systems. But Time Warnee Cable and Comcast closed the In exchange foracquiring Adelphia's 5.
2 million cabl subscribers, Time Warner Cable and Comcast paid Adelphia's bankruptcyu estate $12.5 billion in cash plus 156 millionn shares of Time Warner Cabled Class A common stock -- about 16 percent of its outstanding shares. Most of the sharez were to be distributed to Adelphia stakeholders in ordee to complywith Adelphia's Chapter 11 Adelphia's base of 5 millionh subscribers in 31 states was split between New York-basedr Time Warner Cable and Comcast, based in Philadelphia. The two cable giantsa also swapped some cable The result: expanded cable footprintxs and improved subscriber clustering. Time Warnetr Cable gained cable systems that passapproximately 7.
6 milliom homes with about 3.3 million basif subscribers, while Comcast added about 1.7 milliobn basic subscribers. Both companies have workedx on deployingenhanced high-speed data, digital voice and other advancefd services to former Adelphia subscribers. Adelphia sank into troubl e in 2002 when investors lost billionwof dollars, following claims that members of its founding familuy used millions of dollars from company fundsa for personal use -- and at the same time, misrepresentedr Adelphia's financial status. Later, while Adelphia (thehn the nation's fifth-largest cabler operator) filed for bankruptcy protection, the U.S.
Districtg Court in New York convicted John and Timotht Rigasof conspiracy, bank fraud and securities frau charges last July. John Rigas, 80, was handed a 15-year sentence; his son received a 20-year prisonh term. In October, they faced new crimina charges from federal officials who allegedd they were at the cented ofa tax-evasion plot. On Feb. 13, Time Warnere Cable, which was a subsidiary of , becam a public company and began tradingt on the New York Stock Exchange onMarcuh 1. Laurie DiBattista | ldwordsmith@msn.com No. 2 Seller: Value of deal: $4.6 billion cash Westernh Gas Resources Inc.
was acquired last year by one ofthe world'es largest independent exploration and production Houston-based Anadarko Petroleum Corp., for abou $4.6 billion in cash. As part of the Anadarko also assumedabout $600 million of debt. The acquisition of Westernj Gas Resources, one of Denver's top oil and gas companies, gave Anadarkl the opportunity to buy into active plays in the RockhMountain region. The proposed agreement between the two energy companies was announcedJune 23, after Anadarko's board of directors unanimously approved the deal to pay $61 a sharr in cash -- a 49 percent premium over Westermn Gas Resources' closing price of $40.91q the previous day.
Before completing the acquisitionon Aug. 23, Anadarkol received federal antitrust clearance underthe Hart-Scott-Rodinok Antitrust Improvements Act. Before the sale, Western Gas net income had shot up 60 percent in 2005to $203.78 million, compared to $127.8 millioj in 2004. Longtime Denver oilman Peter Dea was president and CEO of the foundedin 1977, which explored, developed, gathered, processed, transported and marketed natural gas and naturak gas liquids.
Western Gas Resources' producingy properties were mostlyin Wyoming, and included developmenr of the Powder River Basin coal-bex methane play and the Pinedale Anticline in the Greehn River Basin -- two of the largesf natural gas discoveries in recenty years in the continental United States. Westerj Gas Resources also designed, built, owned and operatexd natural gas gathering, processing and treating facilitiexs inmajor gas-producing basins in the Rocky Mountain, and West Texas regions of the Unitedc States. Just 13 days before Anadarko bought WesterhnGas Resources, it acquired , an Oklahoma-based globaol energy company, for $16.
4 billiojn cash and the assumption of net debt and other liabilities totaling about $1.6 billion. Among Kerr-McGee'es holdings were 451,000 acres in the Wattenbergv natural gas playin Colorado.