GCI Liberty Inc. entered into a merger agreement with GCI Merger Sub Inc., a direct, wholly owned subsidiary of the company.
Under the agreement, GCI Liberty will merge with and into GCI Newco, with GCI Newco continuing as the surviving corporation in the reincorporation merger and existing under the laws of the State of Delaware. GCI Liberty entered into the reincorporation merger agreement for the limited purposes of changing GCI Liberty's state of incorporation from Alaska to Delaware and adopting a new certificate of incorporation and bylaws, the company said in a March 23 SEC filing.
Upon completion of the reincorporation merger, GCI Newco will be renamed GCI Liberty Inc. and will continue to conduct the businesses and operations of GCI Liberty as they are currently being conducted.
The company is seeking shareholders' approval for the arrangement at a special meeting April 23. The company's board has approved the reincorporation merger.