Multinational cable, fibre, telecommunications, contents and media company Altice has completed the acquisition of Cablevision Systems Corporation, the leading communications service provider in the New York metropolitan area. Cablevision together with Suddenlink will form Altice USA, the #4 cable operator in the US, which serves more than 4.6 million Optimum and Suddenlink customers across 20 states.
Patrick Drahi, Founder and Controlling Shareholder of Altice, said the completion of the Cablevision acquisition marked a critical step in the development of the Altice Group. “Altice USA is a key pillar of our business and a powerful and dynamic growth platform. We are very excited about our US business and the opportunities we see in this market. We will accelerate network investments and bring innovative products and services to US customers by leveraging our global operational expertise, scale and resources. I wish to also thank the Dolan family for entrusting us with their life’s work at Cablevision, where they have developed under their pioneering stewardship one of America’s pre-eminent cable operations with best-in-class management talent.”
According to Dexter Goei, President of Altice N.V.; Chairman and Chief Executive Officer of Altice USA, the newly-created operator is well positioned to grow as a leading communications and media group with its best infrastructure, most innovative and reliable services, and a committed customer-centric approach. “Our immediate focus is on integrating our businesses within Altice, fostering their development through innovation and investment, and delivering on our plans to enhance the customer experience. Our very talented employees have great energy and enthusiasm, and we are confident that altogether we will help to build Altice USA to the benefit of our customers and the local communities that we serve.”
Altice entered into a definitive agreement to acquire Cablevision on September 16, 2015. Cablevision shareholders previously approved the transaction by written consent. The completion of this transaction follows the receipt of applicable federal, state and local regulatory approvals. In December 2015, Altice completed its acquisition of Suddenlink.
The acquisition of Cablevision by Altice represents an enterprise value of $17.7 billion. BC Partners and CPP Investment Board hold a 30 per cent stake, as previously announced. Under the terms of the acquisition, Cablevision shareholders receive $34.90 in cash for each Cablevision Class A and Class B common stock. June 20, 2016, was the last full trading day of Cablevision Systems Corporation (NYSE: CVC) common shares on the New York Stock Exchange.
In a separate move, Altice has reorganised its management structure to reflect its broadened investments.