Altice USA launches IPO
June 13, 2017
Altice USA, the American cable-TV unit of Altice and fourth largest cable provider in the US, is seeking to raise $1.4 billion (€1.25bn) in its initial public offering (IPO), with some of the proceeds earmarked for potential acquisitions.
The company and select holders plan to offer 46.6 million shares at $27 to $31 each, according to a filing with the US Securities and Exchange Commission. Altice USA plans to use the proceeds from the IPO for general corporate purposes, but has made clear it’s seeking to expand through deals.
Altice USA was formed by its parent through two US cable acquisitions in the past two years, namely Cablevision and Suddenlink, for more than $26 billion including some debt. The company has been open about its ambitions to buy more US cable providers.
Altice could use the money it raises for more deals. Cox Communications is one potential acquisition target for Altice, according to reports.
“It’s part of our core strategy and DNA to continue to look at acquisitions,” Dexter Goei, CEO of Altice USA, commented last month. “You could anticipate we are always looking.”