Netherlands-based Altice Group announced yesterday (21 June) that it has completed the USD17.7 billion acquisition of Cablevision Systems Corporation, the leading communications service provider in the New York metropolitan area. The transaction was agreed on 16 September 2015, but was delayed as Altice sought applicable federal, state and local regulatory approvals. Cablevision together with Suddenlink – which was acquired in December 2015 – will form Altice USA, the fourth largest cable operator in the US, serving more than 4.6 million Optimum (Cablevision) and Suddenlink customers across 20 states.
Patrick Drahi, founder and controlling shareholder of Altice, commented: ‘The completion of the Cablevision acquisition marks a critical step in the development of the Altice Group. Altice USA is a key pillar of our business and a powerful and dynamic growth platform … We will accelerate network investments and bring innovative products and services to US customers by leveraging our global operational expertise, scale and resources.’