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Charter Communications and Cox Communications, two of the largest cable companies in the U.S., have agreed to merge.

The deal would be one of the largest in the industry – and across corporate America – in the last year.

The agreement values Cox at $34.5 billion on an enterprise basis – comprised of $21.9 billion of equity and $12.6 billion of net debt and other obligations – in line with Charter's recent enterprise value based on 2025 estimated adjusted earnings before interest, taxes, depreciation and amortization multiple, according to a Friday news release.

Shares of Charter — the second-largest publicly traded cable company behind Comcast — closed slightly higher Friday. Privately ru

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