Altice USA Makes Strong Market Entrance in IPO

Jun 23, 2017, 04:44
Altice USA Makes Strong Market Entrance in IPO

As a result, it will raise a total Dollars 1.918 billion before costs from the sale of 63.94 million shares.

The stock of cable operator Altice USA, the US arm of Patrick Drahi's European pay TV and telecom giant Altice, rose in its market debut on Thursday.

Patrick Drahi, founder and controlling shareholder of the the telecommunications group Altice (centre), rings a ceremonial bell marking the IPO of the company on the New York Stock Exchange shortly after the opening bell in New York, June 22, 2017.

This was the year's second biggest IPO, trailing Snap which raised $3.4 billion in March.

More news: Biggest US banks clear first hurdle in Fed's annual stress tests

Altice NV, however, has seen its European-listed shares grow by around 20% this year.

Altice USA, which reported a net loss of $76.2 million for the three months ended March 31, expects to use proceeds from the offering to pay down debt of almost $21 billion.

Now the fourth-leading US cable operator, Altice USA has clearly stated its intentions to acquire more US cable companies. BC Partners and CPPIB have granted the underwriters a 30-day option to purchase up to 7,781,110 additional shares of Class A common stock.

Altice USA plans to list on the NYSE under the symbol ATUS.

More news: Irving saves his best for when Cavs face Finals elimination

Altice is selling 12.07 million shares, for proceeds of United States dollars 362.1 million, and its shareholders BC Partners and the Canada Pension Plan Investment Board are selling the remaining shares in the IPO from their existing holdings.

The Netherlands-based cable provider acquired and merged two telecoms, Cablevision and Suddenlink Communications in order to start its U.S. offering. Pursuant to the offering, Draghi is set to own 70.3 percent of the outstanding shares and 98.3 percent of the voting rights in the company, thanks to a separate class of shares called Class B shares, each of which is entitled to 25 votes compared to 1 for Class A shares, which are being now offered.

As The Wall Street Journal noted, investors are betting on Altice's recent track record.

More news: UK leader May strikes tentative deal with N Ireland party

YOU MIGHT ALSO LIKE
  • Trump disputes Russian interference in 2016 election

    Trump disputes Russian interference in 2016 election

    That would mean election officials would get, on a priority basis, cybersecurity help. "It has been a very good backup for us". FESSLER: But with democracy under attack, lawmakers said they were frustrated by the lack of information.
    E3 2017: Trailer and Details for The Crew 2 Revealed

    E3 2017: Trailer and Details for The Crew 2 Revealed

    Players who already played The Crew will be eligible for the Crew Rewards Program , offering up to 18 vehicles in The Crew 2 . The first 3 awards are available right now: it's the FORD MUSTANG GT 2015, the DUCATI DIAVEL and the MASERATI GRAND TURISMO.

    Watch the trailer for the just-announced Mario + Rabbids Kingdom Battle

    A producer from Ubisoft Paris, Xavier Manzanares (hell of a name) took the stage to show off Mario + Rabbids gameplay. Beyond Good and Evil 2 is happening indeed, and developers had a long cinematic trailer to confirm it.
  • Murray into semi-finals after taming Nishikori

    Murray into semi-finals after taming Nishikori

    Taking out his irritation on Nishikori, Murray began to dominate his opponent, whose service then started to let him down. On the clay courts of Paris , determined the semifinalists of the 116th version of the Open championship of France.

    Busy Aisha Tyler says goodbye to 'The Talk' after 6 years

    Tyler directed the film Axis , provided the voice for Lana Kane on Archer and plays Dr. After six seasons on "The Talk ", Aisha Tyler is giving up her gig as co-host.

    Trump Expected To Restrict Trade, Travel With Cuba

    Unconfirmed reports said the White House is thinking of reducing the number of visits to Cuba a person can make to one a year. However, the Trump administration is expected to maintain the full diplomatic relations restored by Obama, said the Post.
  • Hamilton wins F1 Canadian GP, picks up points on Vettel

    Hamilton wins F1 Canadian GP, picks up points on Vettel

    Vettel started on the front row but finished off the podium for the first time this year. "It's nice obviously. However, the Red Bull suffered an electrical failure on lap 11, which promoted Bottas to the second position.
    FOMC FAQ: Is A Rate Hike Imminent?

    FOMC FAQ: Is A Rate Hike Imminent?

    That's the highest level since 2008, when policymakers cut rates to encourage borrowing and spending after the financial crisis. Inflation was expected to be at 1.7 per cent by the end of this year, down from the 1.9 per cent previously forecast.

    Uber's board votes unanimously to adopt all recommendations of Holder report

    The board reportedly considered this option during their meeting on Sunday , alongside the recommendations in Holder's report. A source raised the prospect that Kalanick could take time off while sweeping changes to management practices were made.
  • Russian Federation  cuts communications with United States  in Syria, threatens to target coalition jets

    Russian Federation cuts communications with United States in Syria, threatens to target coalition jets

    Moscow has condemned the US downing of the Syrian government fighter jet after it dropped bombs nears USA partner forces. The US military said that it shot down a warplane that had dropped bombs near Syrian Democratic Force (SDF) fighters.
    Cuba rejects new US policy, saying pressure will not work

    Cuba rejects new US policy, saying pressure will not work

    In a speech in Miami last week, the president berated the Cuban regime for its authoritarian policies and human rights violations. At length, Rodriguez also criticized alleged USA human rights abuses.
    Relay for Life raises tens of thousands of dollars

    Relay for Life raises tens of thousands of dollars

    Funds that are raised and donations made all go to cancer research and education, patient help or support and treatment programs. The Brewster Relay joined Relays for Life in Mahopac and Patterson which are two of the more successful events nationwide.
popular