CVC Cablevision Systems Corp. Class A

Altice NV on Tuesday said it completed its roughly $10 billion acquisition of Cablevision Systems Corp., forming a new telecommunications giant in the U.S.

The new Altice USA will be the fourth-largest broadband provider in the country, serving more than 4.6 million customers and spanning 20 states. T he company will be led by Dexter Goei, chairman and chief executive of Altice USA.

"The completion of the Cablevision acquisition marks a critical step in the development of the Altice Group," said Altice founder and controlling shareholder Patrick Drahi. "Altice USA is a key pillar of our business and a powerful and dynamic growth platform."

Last week, Altice got the final regulatory approval needed for the transaction when the New York Public Service Commission voted unanimously to approve the deal. That followed the approval last month from New York City officials, which had loudly voiced concerns about the deal since late last year.

Specific conditions will require Altice not to lay off any of its consumer-facing staff for the next five years. The company also agreed to pass 25% of its estimated $450 million savings in operational costs onto customers and pledged to improve Cablevision's network.

In all, New York state officials estimate that conditions linked to the deal will bring $243 million in benefits to New York consumers.

Altice has been focused on integrating its various units in recent months after a frenetic shopping spree that saw it snap up assets in France, Portugal and the U.S. In December, it completed the $9.1 billion purchase of a controlling stake in Suddenlink, which it will now merge with Cablevision.

"We want get bigger in the U.S., but I don't know when, clearly not in 2016, which is the year of integration of our assets and operations," Mr. Goei said in an interview. "Thereafter, you'd be surprised if we didn't do anything, but we're not going to buy things at stupid prices."

Write to Nick Kostov at Nick.Kostov@wsj.com

(END) Dow Jones Newswires

June 21, 2016 09:55 ET (13:55 GMT)

Cablevision System (NYSE:CVC)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024

Cablevision System (NYSE:CVC)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024