Comcast Corp. agreed to acquire Time Warner Cable Inc. for $45.2 billion, combining the two largest U.S. cable companies in an all-stock transaction.

Investors of New York-based Time Warner Cable will receive 2.875 new Comcast stock for each of their shares, the companies said in a joint statement today. Based on Philadelphia-based Comcast’s closing price yesterday, the deal values each Time Warner Cable share at $158.82, or about 17 percent more than last close.

In German trading, Time Warner Cable jumped 13 percent to the equivalent of $153.29 at 12:12 p.m. in Frankfurt.