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Altice USA increases proposed IPO deal size to $1.9 billion

The Wall Street Journal reported that Altice USA raised more money in the IPO than any other US -listed telecom since 2000.

Altice USA is expected to use the funds from the IPO to pay down some of its debt, but also potentially to finance further acquisitions in the medium term. SNAP, +0.52% raised $3.9 billion in its March debut.

Following the public offering, which will raise up to US$1.92 billion for the company, Altice will retain ownership of 70.3% of Altice USA's common stock, representing 98.3% of the voting power.

Drahi fattened Altice NV into a telecoms and cable empire through debt-heavy acquisitions in Europe and Israel, and entered the US market in 2015 by acquiring cable company Suddenlink for $9.1 billion.

Altice's IPO comes close on heels of another offering by cable company WideOpenWest Inc (NYSE: WOW), which marked the first cable company IPO in five years, according to Reuters.

The Note: The White House stressing Sessions
Chris, remember there is no evidence of wrongdoing; there's no evidence of collusion; there's no evidence of obstruction. He noted that Mueller can "only be fired for good cause", and it would be his job to put that good cause into writing.

Altice USA priced 63.9 million shares at $30, within its indicated price range of $27 to $31, making it this year's second largest U.S. IPO and giving the company a market capitalization of approximately $22 billion.

BC Partners and CPPIB have granted the underwriters a 30-day option to purchase up to 7.78 million additional shares.

The stock opened on the New York Stock Exchange under ticker symbol ATUS at $31.60, up 5.3 percent, and as of 10:20 a.m. ET traded at $31.96.

Altice USA was formed a year ago after Netherlands-based Altice N.V. bought Cablevision Systems Corp. of Bethpage and Suddenlink of St. Louis. The Reuters report suggested that Draghi could use the publicly traded shares of the US company as currency for funding future acquisitions.

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