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Billionaire Patrick Drahi’s cable and telecoms empire to multiply in the US, post buying the fourth-largest American operator, Cablevision for $17.7 billion

Altice, the European telecoms group is set to become a force to reckon with in the US cable market after it decision to buy Cablevision, which is the fourth-largest operator for a mix of cash and share. The deal is reported to be worth at $17.7 billion including debt. This is the latest initiative by French-Israeli billionaire and Altice founder Patrick Drahi, who has built a cable and telecoms empire through debt-fuelled acquisitions in France, Portugal and Israel. Drahi’s entry into America began in May, when he bought Suddenlink, a small regional cable group for $9.1 billion. He then announced more acquisitions so as to eventually earn half of Altice’s revenues in the US. Drahi managed to convince the patriarch of the Irish-American family, Charles Dolan, who owns Cablevision to sell an asset that the family had long said they would not. Altice will finance the deal with $3 billion from a share sale and $7 billion in debt. Cablevision has 3.1 million customers in the New York, Connecticut and New Jersey area.

Tags:

PE Deals,Altice,Cablevision

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