, in the latest move to lighten its massive debt load, will sell several cable systems to
through a $1.79 billion transaction.
Charter said the deal, which includes AT&T's cable systems in Reno, Nev., St. Louis and the southern U.S., adds more than 570,000 customers to its subscriber base. Charter, which is based in St. Louis, has recently embarked on a $3.5 billion system upgrade to be able to offer broadband services over its cable system.
Under the terms of the deal,
will receive Charter cable systems valued at $249 million and serving 62,000 customers in Miami Beach and Sebastian, Fla., along with up to $500 million in Charter common stock. The remainder of the transaction will be made up of cash.
Shares of Charter rose 6 cents, or 0.3%, to $22 in recent
trading. AT&T rose 65 cents, or 2.8%, to $23.56 on the
New York Stock Exchange
agreed to buy AT&T Broadband's cable systems in four states for $2.22 billion in cash.
AT&T also confirmed plans to sell its 10% stake in
for about $1.35 billion. The sale will boost Vodafone's stake in the Japanese telecommunications company to 25% from 15%.