Roughly 18 months after acquiring Cablevision Systems, the leading MSO in the NY metro region in a deal valued at $17.7 billion at the time, Altice N.V. announced a corporate restructuring centered on the separation of Altice USA from Altice Europe.
The separation is to be effected by a spin-off of Altice NV’s 67.2% interest in Altice USA through a distribution in kind to Altice NV shareholders.
Following the spinoff, the two companies will be led by separate management teams.
Patrick Drahi, founder of Altice, will retain control of both companies through Next2 and will serve as President of the Board of Altice Europe and Chairman of the Board of Altice USA.
In addition, Altice Europe will reorganize its structure comprising Altice France (including French Overseas Territories), Altice International and a newly formed Altice Pay TV subsidiary.
“The separation will allow both Altice Europe and Altice USA to focus on their respective operations and execute against their strategies, deliver value for shareholders, and realize their full potential. Both operations will have the fundamental Altice Model at their heart through my close personal involvement as well as that of the historic founding team,” stated Patrick Drahi.
