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Altice Prepares for Launch of $1.35-Billion IPO for Altice USA

Altice, Patrick Drahi’s global telco, content, and advertising group, is preparing the launch of an initial public offering to list Altice USA, the owner of U.S. cable firms Cablevision and Suddenlink, on the New York Stock Exchange for a value estimated at $1.35 billion.

Altice has applied to the U.S. Securities and Exchange Commission to list about 46.6 million shares of its Class A common stock priced at $27 to $31 per share.

The offering includes more than 12 million shares from Altice USA, as well as 20.9 million shares from funds advised by BC Partners and 13.5 million shares from entities affiliated with the Canada Pension Plan Investment Board (CPPIB). “BC Partners and CPPIB expect to grant the underwriters a 30-day option to purchase up to 5,172,414 additional Class A common shares,” said Altice.

Altice filed the IPO under the ticker symbol ATUS.

J.P. Morgan, Morgan Stanley, Citigroup, and Goldman Sachs & Co. LLC are acting as joint book-running managers for the proposed offering and representatives of the underwriters. Additional bookrunning managers include BofA Merrill Lynch, Barclays, BNP Paribas, Credit Agricole CIB, Deutsche Bank Securities, and RBC Capital Markets as additional.

A registration statement has been filed with the SEC in the U.S. and has not yet become effective.

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