NEW YORK, Sept. 17 (UPI) — European telecom company Altice Group has agreed to buy New York-based Cablevision in a deal valued at $17.7 billion including debt.
Altice, controlled by French cable entrepreneur Patrick Drahi, will pay about $10 billion in cash, or $34.90 a share, for the Bethpage, N.Y.-based Cablevision, the leading cable operator in New York, New Jersey and Connecticut. The deal creates the fourth largest cable operator in the United States.
The acquisition also includes Newsday Media Group, publisher of Newsday and amNewYork.
Four months ago, Altice made its first venture into the United States with its $9 billion purchase of cable operator Suddenlink.
“The strategy of Altice in the large and highly strategic U.S. market is reinforced with the acquisition of Cablevision,” Drahi said. “We will be in a stronger position, as in all other markets in which we operate, to deliver the best services, invest in the most advanced technology, and develop innovative products for the benefit of our customers.”
Started in 2002, Altice provides broadband Internet and TV to France, Israel, Belgium, Luxembourg, Portugal, French West Indies/Indian Ocean Area and, the Dominican Republic and Switzerland.
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