Charter Communications and Cox Communications, two U.S. cable companies, have agreed to merge.

The deal will be one of the largest U.S. companies in the industry over the past year.

The agreement is worth $34.5 billion and the business is $34.5 billion, including $21.9 billion in equity and $12.6 billion in net debt and other obligations, according to a news release on Friday, in line with Charter’s latest corporate value, which is based on estimated adjusted earnings, taxes, taxes, depreciation and amortizations estimated in 2025.

The charter is the second largest public cable company after Comcast, with its listing trading gains of about $419.57. Cox is still operated privately by the Cox family and is one of the largest cable providers.

In recent years, the broadband industry has been fiercely competing with wireless competitors, as internet options have increased in place of home internet options such as 5G or so-called fixed wireless. This is the loss of the ongoing loss of customers in traditional cable bundles.

Charter had 30 million broadband customers at the end of the first quarter, down 60,000 from the previous period. It has about 12.7 million cable TV customers and lost 181,000 this quarter.

Cable companies have begun relying on their mobile businesses to retain customers, while Charter's price and bundled mobile lines have been motivated. Charter said it had 10.5 million mobile lines as of the first quarter after reporting another quarter of growth.

The company provides services in 41 states and can be used for more than 57 million households and businesses. As of March 31, Charter said there were 31.4 million customer relationships in total.

Cox Communications, a division of Cox Enterprises, regards itself as the largest private broadband company in the United States, with a total of approximately 6.5 million residential and commercial customers, according to its website.

The company's services can provide 7 million households in 18 states and said total revenue was $12.6 billion as of 2020. Cox starts offering mobile devices in 2023.

According to the release, after the merger is over, Cox Enterprise will own 23% of the fully diluted shares of the merged company.

The transaction will allow the merged company to change its name to Cox Communications within one year of the end of the transaction. Charter's Spectrum, its brand for cable, broadband, mobile and other services will become a consumer-facing brand for all customers.

The combined company will serve as Charter’s current headquarters at Stanford University in Connecticut, although the company will maintain a significant impact at its Atlanta base in Cox after the end.

Charter CEO Chris Winfrey will continue to serve as president and CEO after the deal is over. Meanwhile, Alex Taylor, chairman and CEO of Cox Enterprises, will become chairman of the board of directors of the merger. Another Cox executive will join the board and the Cox family will have the right to retain two board members.

The merger with Cox comes months after Charter announced it would acquire free broadband in an all-share deal, which simplified the portfolio of cable scion John Malone. In February, Charter and Free Broadband shareholders approved the proposed deal.

According to the release, Charter expects annual cost synergy of about $500 million over the three years of closure.

The merger agreement with COX is expected to be completed simultaneously with the Free Broadband merger, the company said Friday.

Disclosure: Comcast, which competes with Charter and Cox, is the parent company of CNBC and NBC News.