Altice to buy Cablevision in $17.7bn deal

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European telecoms firm Altice has agreed to buy US cable TV firm Cablevision in a deal worth $17.7bn (£11.4bn).

The move is part of Netherlands-based Altice's aggressive expansion in the US.

It announced a $9.1bn deal for Suddenlink, a smaller cable company based in St Louis, in May.

Altice said that Suddenlink and Cablevision together would form the fourth-largest US cable TV operation.

The firm said it would pay $34.90 in cash for each Cablevision share, a 22% premium on Wednesday's closing price.

Tycoon Patrick Drahi, the founder of Altice, said: "As a family business, we are proud to be entrusted by the Dolan family with the ownership of Cablevision and look forward to continuing the pioneering path they have paved for us.

"The strategy of Altice in the large and highly strategic US market is reinforced with the acquisition of Cablevision."

Cablevision has about 3.1 million customers in the New York metropolitan area.

The firm's chief executive, James Dolan, said: "Since Charles Dolan founded Cablevision in 1973, the Dolan family has been honoured to help shepherd our customers and employees through the most extraordinary communications revolution in modern history.

"Now, nearly half a century later, the time is right for new ownership of Cablevision and its considerable assets."

Altice, which is controlled by Mr Drahi, has expanded from a small regional internet and cable provider in France's Alsace region. Last year, it bought France's number two mobile phone operator, SFR, for $18.5bn..

Earlier this year, Altice bought Portugal Telecom for $8.4bn. It also has operations in Belgium, Switzerland, Israel and elsewhere.