Cable Operator Altice Files for IPO of U.S. Business
The company, which owns a majority stake in Suddenlink, last year acquired Cablevision Systems to become the fourth-largest U.S. cable operator.
Altice N.V.'s Altice USA, which owns the former Cablevision Systems and a majority stake in fellow U.S. cable operator Suddenlink, on Tuesday filed for an initial public offering.
Altice USA is led by CEO Dexter Goei. An IPO would give the company stock that it could use to help it make further acquisitions over time.
Already the fourth-largest U.S. cable operator behind Comcast, Charter Communications and Cox Communications, it is seen as a possible buyer of more cable systems. Some analysts have suggested that privately held Cox could be a future focus for it.
The company on Tuesday filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of shares of Class A common stock.
The number of shares to be offered and the price range for the offering have not yet been determined. J.P. Morgan, Morgan Stanley, Citigroup and Goldman, Sachs are serving as joint book-running managers for the proposed IPO.
Past reports have said that a possible Altice USA IPO could value the company at $25 billion to $30 billion and raise around $2 billion. Altice USA could end up going public later in the year.