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Telecom billionaire Drahi to buy Cablevision in US$17.7b deal

Acquisition vaults Europe's Altice into league of major pay-TV players in a rapidly consolidating market

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Patrick Drahi, 52, built Altice into one of Europe's most acquisitive telcos since its 2014 IPO.

New York

ALTICE NV, billionaire Patrick Drahi's European cable operator, agreed to acquire Cablevision Systems Corp in a US$17.7 billion deal to create the fourth-largest cable provider in the US.

Shareholders of Cablevision will receive US$34.90 a share in cash, or 22 per cent