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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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 more than the stock's last close in New York. Altice will finance the purchase with US$14.5 billion of new and existing debt at Cablevision, cash at Cablevision, and US$3.3 billion of cash from Altice it'll raise by selling new shares. BC Partners and CPP Investment Board have an option to buy as much as 30 per cent of the equity of Cablevision, Altice said Thursday.
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