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Altice to spin off US arm

Global telecoms and cable group Altice has announced it is spinning off its US arm and restructuring its operations in Europe.

Patrick Drahi

The shake-up will see Amsterdam-based Altice NV’s 67% stake in Altice USA distributed to existing shareholders.

Meanwhile, Altice NV will be renamed Altice Europe, which will include Altice France, Altice International and a newly created Altice pay TV subsidiary.

The latter will house the Altice content division, major sports rights, including Champions League and English Premier League football, and exclusive distribution deals with companies such as Discovery and NBCUniversal.

Following the separation of Altice USA from Altice Europe, the two companies will be led by separate management teams but Patrick Drahi, founder of Altice, will retain control of both outfits.

Drahi will serve as president of the board of Altice Europe and chairman of the board of Altice USA. Armando Pereira will serve as chief operating officer of Altice Europe and strategic advisor to Altice USA.

Dennis Okhuijsen will be CEO and a director of Altice Europe, reporting to Drahi, while Dexter Goei will continue as CEO and a director of Altice USA, also reporting to Drahi.

Altice NV aims to complete the proposed transaction by the end of the second quarter of 2018, following regulatory and Altice NV shareholder approvals.

“The separation will allow both Altice Europe and Altice USA to focus on their respective operations and execute against their strategies, deliver value for shareholders, and realise their full potential,” said Drahi.

The firm said it is targeting an operational and financial turnaround in France and Portugal, where Armando Pereira will remain CEO of SFR Telecom, which is in the process of a rebrand.

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