Altice USA commences new USD2.5bn share buyback

24 Nov 2020

Altice USA has commenced a modified ‘Dutch auction’ tender offer to repurchase up to USD2.5 billion of its Class A common stock at a price not greater than USD36.00 per share, nor less than USD32.25 per share (less any applicable withholding taxes). If the offer is fully subscribed, the number of shares purchased will represent approximately 19.6%-21.9% of Altice USA’s issued and outstanding shares of Class A common stock (or approximately 12.8%-14.3% of Altice USA’s total outstanding Class A/B shares) as of 19 November 2020.

With this offer, Altice USA is increasing its buyback target for full year 2020 to approximately USD5.0 billion. From 1 October 2020 to 20 November 2020, the company repurchased 22.678 million Class A shares pursuant to its share repurchase programme at an average cost of USD29.10 per share, for approximately USD660 million. This figure takes Altice USA’s year-to-date buyback investments to USD2.5 billion.

United States, Altice USA (incl. Optimum, Suddenlink)