Shareholders at Altice NV (also known as Altice Group) voted to approve the proposed separation of Altice USA at the company’s annual general meeting on 18 May. TeleGeography notes that the decision by Altice NV to spin off its Altice USA business and rename its core business as ‘Altice Europe’ was announced in January this year. In order to facilitate the spin-off, Altice NV’s 67.2% interest in Altice USA will be distributed to Altice NV shareholders. Altice now expects the share distribution to be completed on 8 June 2018; US regulatory approvals have already been secured.
Altice USA comprises the group’s US-based cable subsidiaries Suddenlink Communications and Cablevision Systems (Optimum), which were acquired in December 2015 and June 2016, respectively. The group staged an initial public offering (IPO) for Altice USA in June 2017 raising a total of USD2.15 billion, via the sale of 71.724 million shares of Class A common stock. The shares were sold on the New York Stock Exchange (NYSE) under the ‘ATUS’ ticker symbol. Going forward, Altice is keen to build up its network footprint in the US with ‘bolt-on’ deals for mid-size operators.