Published: Fri, June 23, 2017
Markets | By Erika Turner

France's Altice USA rallies in NY market debut

France's Altice USA rallies in NY market debut

Altice USA, the US arm of multinational Dutch cable company Altice, raised the proposed deal size for its upcoming IPO on Wednesday by adding insider shares.

Cable company Altice has raised $1.9 billion in what appears to mark the second-largest initial public offering in the U.S. market this year after that of social media player Snap.

Altice USA Inc., a subsidiary of Patrick Drahi's global telco, content, and advertising group which owns Cablevision/Optimum and Suddenlink, has raised $1.9 billion in its initial public offering.

Private equity firm BC Partners Ltd and Canada Pension Plan Investment Board, two pre-existing minority investors in Altice USA, will jointly own a minority stake in the company. It's the second-largest US offering overall this year in terms of deal size, after Snapchat parent Snap Inc.

The stock opened on the New York Stock Exchange under ticker symbol ATUS at $31.60, up 5.3 percent, and as of 10:20 a.m. ET traded at $31.96.

Merkel says May's offer on expats "good start" but many questions remain
We've wanted it to be one of the early issues that's considered in the negotiations, that is now the case, that work is starting. It gets weaker when it allows its principles to be rejected. "It's not how it starts, it's how it finishes that matters".

Formed previous year with the ambition to be the fourth biggest cable and telco operator in the U.S., Altice USA regroups Suddenlink Communications and Cablevision/Optimum, serving approximately 4.9 million customers across 21 states.

BC Partners and CPPIB have granted the underwriters a 30-day option to purchase up to 7.78 million additional shares.

The Euro parent will control 70.3% of the US company's stock and 98.3% of the voting rights. The Reuters report suggested that Draghi could use the publicly traded shares of the us company as currency for funding future acquisitions.

The Netherlands-based cable provider acquired and merged two telecoms, Cablevision and Suddenlink Communications in order to start its USA offering.

Like this: