Pursuits
Drahi’s Altice Agrees to Buy Cablevision in $17.7 Billion Deal
- Dolans exiting New York-area cable provider after four decades
- French tycoon would accelerate U.S. pay-TV expansion
Altice's Drahi Secures $17.7 Billion Cablevision Deal
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Billionaire Patrick Drahi’s Altice NV, Europe’s most acquisitive cable company, agreed to buy Cablevision Systems Corp. in a $17.7 billion deal to create the fourth-largest cable provider in the U.S.
Cablevision investors including the controlling Dolan family will receive $34.90 a share in cash, or 22 percent more than the stock’s Wednesday close in New York. Altice will finance the purchase with $8.6 billion of new debt at Cablevision and $3.3 billion of cash from Altice it’ll raise by selling new shares. BC Partners and CPP Investment Board have an option to buy as much as 30 percent of Cablevision, Altice said Thursday.