California approves Charter-TWC deal

By Malathi Nayak

NEW YORK (Reuters) - Charter Communications Inc (CHTR.O) said on Thursday its proposal to buy Time Warner Cable Inc (TWC.N) was approved by the California Public Utilities Commission, overcoming the last hurdle to complete the deal.

"We look forward to closing these transactions next week and to begin delivering the many benefits of these transactions to consumers," Charter CEO Tom Rutledge said in a statement.

"We're thrilled that the transaction has cleared the final regulatory hurdle, and we look forward to closing the deal quickly," TWC CEO Rob Marcus said in a statement.

The U.S. Federal Communications Commission confirmed last week that it approved the deal that would turn Stamford, Connecticut-based Charter into the second-largest U.S. broadband provider and third-largest video provider.

In May last year, Charter said it would buy TWC in a cash-and-stock deal in order to compete with Comcast Corp (CMCSA.O). Charter has valued the deal at $56.7 billion (39 billion pounds) for Time Warner Cable, excluding debt, and $10.4 billion for Bright House Networks.

Charter shares, which have gained over 17 percent as of Wednesday, were down 1 percent and TWC shares were relatively unchanged at $215.31 in Thursday afternoon trading.

(Reporting by Malathi Nayak; Editing by Chris Reese and Sandra Maler)