Deals
Altice to Buy Cablevision for $17.7 Billion
- Agreement at $34.90 a share represents 22 percent premium
- French billionaire would accelerate U.S. pay-TV expansion
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Altice NV, Patrick Drahi’s European cable operator, reached an agreement to buy Cablevision Systems Corp., according to people with knowledge of the matter, accelerating the company’s expansion in the U.S.
The agreement will be announced on Thursday, said the people, who asked not to be named before it is public. It values Cablevision, a cable TV and Internet service provider, at $34.90 a share, according to one of the people, a 22 percent premium over the target’s closing price of $28.54 on Wednesday in New York. Including debt, the deal will value Cablevision at $17.7 billion, the person said.