×

Altice, the telecoms and cable group which owns Cablevision and Suddenlink, is launching a one-year share buyback program with an estimated value of 1 billion euros ($1.2 billion).

Altice, which was founded by Franco-Israeli tycoon Patrick Drahi, said on Monday that the share buyback is meant to boost shareholder returns and underscore its confidence in achieving its near-term financial targets.

The buyback program also fits into Altice’s acquisitive strategy as the company aims at strengthening its footprint in Europe and the U.S.

Altice said that “going forward, Altice will continue to assess the use of excess cash for either significantly accretive M&A opportunities or further shareholder returns.”

The company, whose U.S. cable division, Altice USA, was recently listed on the New York Stock Exchange, is reportedly in early discussions to bid for Charter Communications, according to Reuters. Altice USA is the fourth biggest telecommunications operator in the United States.

Altice will be officially launching Altice Studio, its new service dedicated to series and films, on Tuesday.