Altice USA Inc, the cable operator that Netherlands-based Altice NV formed by acquiring Cablevision and Suddenlink Communications, raised $1.9 billion in an initial public offering on Wednesday, people familiar with the matter said.
Taking Altice USA public will give Altice’s founder, French billionaire Patrick Drahi, traded shares in the company which he can then use as currency in new acquisitions in order to expand what is already the fourth-biggest U.S. cable provider.
Altice USA priced 63.9 million shares at $30, within its indicated price range of $27 to $31, giving the company a market capitalization of approximately $22 billion, the sources said.
The sources asked not to be named because the information is not yet public. Altice USA declined to comment.