Altice USA: to launch offer to acquire Atlantic Broadband
(CercleFinance.com) - Altice USA said it will launch an offer to buy Canadian cable operator Cogeco, in a deal worth about 7.
8 billion dollars.
In its statement, Altice said it has also entered into a deal to sell all the Canadian assets of Cogeco to the largest long-term shareholder of Cogeco, Rogers Communications.
Upon the deal's completion, Altice USA would hence own all Cogeco's US assets, namely Atlantic Broadband, which is currently the 9th largest cable operator in the US.
The telecom carrier said it plans to pay 3.6 billion dollars for Cogeco's US assets.
With the deal, Altice USA wil ladd over 1.1 million additional home and business clients.
Atlantic Broadband provides residential and business customers with broadband, video and telephony services in Connecticut, Delaware, Florida, Maine, Maryland, New Hampshire, New York, Pennsylvania, South Carolina, Virginia and West Virginia.
Altice USA shares were up 1.6% on the New York Stock Exchange after the announcement was made.
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