Altice NV scoops up Cablevision for $17.7bn
Altice NV will purchase one of the largest US cable TV operators to accelerate its expansion Stateside.
Altice
€0.00
08:15 09/09/22
AT&T Inc.
$17.07
09:44 29/04/24
Cablevision Systems Corp.
$0.00
01:16 02/09/16
The transaction carries a $17.7bn price tag if the latter’s debt is included.
Shareholders in Cablevision, the cable TV and Internet service provider, will receive $34.90 a share in cash, for a 22% premium versus the stock’s closing price on 16 September.
Cablevision saw its shares rocket 16.05% to $33.12 in after-hours trading.
The move by the Dutch company owned by billionaire Patrick Drahi follows recent M&A in the sector on the other side of the Pond.
AT&T acquired DirecTV for approximately $65bn in June, including the assumption of debt.
A month before that Drahi purchased Suddenlink Communications for $9.1bn, giving him a foothold in the US market.
In parallel, Charter Communications is carrying out the acquisition of the venerable Time Warner Cable – the second largest operator in the country, after Comcast – for $79.2bn.