NEW YORK (TheStreet) -- Time Warner Cable (TWC) stock closed down 0.60% to $215.28 on heavy trading volume on Thursday afternoon after the company's plans to be acquired by Charter Communications (CHTR) gained the final regulatory approval needed to close the deal.

Shares of Charter closed down 1.50% to $213.96 this afternoon.

The California Public Utilities Commission approved the transaction with the condition that Charter, who will become the second-largest domestic cable provider, offer broadband to more consumers and have higher speeds available, Bloomberg reports.

"We look forward to closing these transactions next week," Charter CEO Tom Rutledge told Bloomberg. "We are pleased to have now obtained all approvals."

Time Warner Cable agreed to be acquired in May 2015 in a transaction that valued the New York City-based cable service provider at $78.7 billion.

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So far today, 13.88 million shares of Time Warner Cable have exchanged hands, significantly higher than its average daily volume of 2.25 million shares.

Separately, Time Warner Cable has a "buy" rating and a letter grade of B at TheStreet Ratings because of the company's increase in net income, revenue growth, solid stock price performance, growth in earnings per share and good cash flow from operations.

You can view the full analysis from the report here: TWC

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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