Altice USA completes separation from European parent

News General United States 11 JUN 2018
Altice USA completes separation from European parent

Altice announced the completion of the spin-off of its Altice USA subsidiary from its European parent with a view to simplifying the company’s structure and paying down debt. First announced in January, the separation was implemented by way of a special distribution in kind by Altice NV of its 67.2 percent interest in Altice USA to Altice NV shareholders out of Altice NV's share premium reserve. Following the distribution, there will be around 489.4 million shares of Altice USA Class A common stock and 247.7 million shares of Altice USA Class B common stock outstanding.

The changes also saw Altice NV change its name to Altice Europe NV, with Altice USA increasing its board of directors to nine members thanks to the addition of Altice Europe executive director Patrick Drahi as chairman, Altice USA co-president and CFO Charles Stewart and Altice Europe treasurer Gerrit Jan Bakker. The company confirmed that Dexter Goei will continue as Altice USA chief executive.


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General

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Altice Europe

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Europe

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United States

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Corporate strategy, Financial funding

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