Altice edges towards flotation of US business

Listen to this article

00:00
00:00

Altice is getting closer to an initial public offering of its US business.

The acquisitive telecoms, content and media company on Tuesday filed a registration with the US Securities and Exchange Commission for a proposed IPO of a minority stake of Altice USA. Its one of the largest broadband communications and video services providers in the US.

Altice has not yet determined the number of shares to be offered nor the price range for the offering. JP Morgan, Morgan Stanley, Citigroup and Goldman Sachs are named as the joint bookrunners.

Altice, which is listed in the Netherlands and controlled by billionaire telecoms entrepreneur Patrick Drahi, confirmed in December that it was exploring the possibility of floating a minority stake in its US operations, following an aggressive expansion in the US in the past few years.

The listing of a minority stake would allow Mr Drahi to expand further into the US by giving it public stock that could be used to help finance more acquisitions.

Altice has taken advantage of record-low interest rates to fuel its expansion, pushing the group’s net debt to a level of €50.4bn at the end of 2016.

Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don't copy articles from FT.com and redistribute by email or post to the web.