Altice to acquire Cablevision for $17.7 billion
17 September 2015 |
Altice has agreed to purchase US cable TV provider Cablevision in a deal valued at $17.7 billion.
The operator will pay $34.90 in cash for each share in Cablevision, which has 3.1 million customers across its TV, voice and high-speed data services in the New York metropolitan area. It will also assume Cablevision's debt.
"As a family business, we are proud to be entrusted by the Dolan family with the ownership of Cablevision and look forward to continuing the pioneering path they have paved for us,” said Patrick Drahi, founder of Altice.
"The strategy of Altice in the large and highly strategic US market is reinforced with the acquisition of Cablevision."
The move is part of Altice’s continued expansion in the US cable market. In May 2015, it acquired US cable company Suddenlink Communications for $9.1 billion. The combination of Suddenlink and Cablevision will create the fourth largest cable TV provider in the US, according to Altice.