M&A

Altice Completes Acquisition Of Cablevision

Luxembourg-based Altice will become the number four cable operator in the United States, serving 4.6 million customers across 20 states.
Katie Kuehner-HebertJune 21, 2016

Luxembourg-based Altice is one step closer on its quest to become a telecommunications giant in the United States.

Altice on Monday said that it would now merge St. Louis-based Suddenlink Communications into Cablevision to form Altice USA, which would become the number four cable operator in the United States, serving more than 4.6 million Optimum and Suddenlink customers across 20 states. Altice completed the $9.1 billion purchase of a controlling stake in Suddenlink last December.

Altice’s founder and controlling shareholder Patrick Drahi said in a press release, “We will accelerate network investments and bring innovative products and services to U.S. customers by leveraging our global operational expertise, scale, and resources.”

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Dexter Goei, president of the parent company, would be named chairman and chief executive of Altice USA.

Regulators approved the acquisitions, with caveats, according to The Wall Street Journal. Altice agreed to not lay off any of its consumer-facing staff for the next five years and to pass 25% of the deal’s estimated operational savings onto customers. It also pledged to improve Cablevision’s network.

Altice has been on a frenetic shopping spree, not only in the U.S., but also in France and Portugal, and is currently focusing on integrating its new buys.