Edition:
United Kingdom

Altice N.V. Announces Altice USA Spin-Off, New Altice Europe Structure


Monday, 8 Jan 2018 

Jan 8 (Reuters) - Altice N.V. ::ALTICE ANNOUNCES GROUP REORGANIZATION, ALTICE USA SPIN-OFF AND NEW ALTICE EUROPE STRUCTURE.SAYS SEPARATION OF ALTICE USA FROM ALTICE NV TO BE EFFECTED BY SPIN-OFF OF ALTICE NV'S 67.2% INTEREST IN ALTICE USA.ALTICE FOUNDER PATRICK DRAHI TO CONTROL BOTH ALTICE EUROPE AND ALTICE USA‍​.SAYS ALTICE EUROPE TO REORGANIZE ITS STRUCTURE INTO ALTICE FRANCE, ALTICE INTERNATIONAL AND NEWLY FORMED ALTICE PAY TV SUBSIDIARY.POST-SEPARATION, DRAHI WILL SERVE AS PRESIDENT OF ALTICE EUROPE BOARD AND CHAIRMAN OF ALTICE USA BOARD.BOARD OF ALTICE USA APPROVED PAYMENT OF $1.5 BILLION CASH DIVIDEND TO ALL SHAREHOLDERS IMMEDIATELY PRIOR TO COMPLETION OF SEPARATION.ALTICE USA BOARD HAS AUTHORIZED SHARE REPURCHASE PROGRAM OF $2 BILLION, EFFECTIVE AFTER COMPLETION OF SEPARATION.SAYS PAYMENT OF $1.5 BILLION CASH DIVIDEND WILL BE FUNDED WITH AVAILABLE OPTIMUM REVOLVING FACILITY CAPACITY AND A NEW FINANCING AT OPTIMUM.ALTICE EUROPE REORGANIZATION TO INCLUDE INTEGRATING ALTICE'S SUPPORT SERVICES BUSINESSES INTO THEIR RESPECTIVE MARKETS.CO'S OWNERSHIP OF ALTICE TECHNICAL SERVICES U.S. TO BE TRANSFERRED TO ALTICE USA BEFORE COMPLETION OF SEPARATION FOR NOMINAL CONSIDERATION.ALTICE EUROPE REORGANIZATION TO INCLUDE BUNDLING ITS PREMIUM CONTENT ACTIVITIES INTO SEPARATELY FUNDED OPERATING UNIT WITH ITS OWN P&L.SAYS EACH CO SHAREHOLDER WILL BE ENTITLED TO RECEIVE 0.4163 OF A SHARE OF ALTICE USA COMMON STOCK FOR EVERY ALTICE NV SHARE.