Altice Europe founder Patrick Drahi struck an agreement to buy back the company’s remaining shares, a move which would see the telecoms and cable group delist from the Amsterdam Stock Exchange and become privately owned.
In a statement, Altice outlined the offer, with Drahi proposing to purchase all of the company’s outstanding shares for €4.11, a 23.8 per cent premium over the closing price on 10 September.
Drahi already owns a 39.85 per cent stake. He is now moving to buy all the company’s remaining minority shares for a value of €2.5 billion.
The move received backing from the board, which said the transaction is in the best interests of Altice Europe, leaving it better positioned for sustainable success by being fully controlled by the founder.
Drahi added the proposed transaction would result in “a new and exciting chapter for Altice Europe and our stakeholders”.
“The proposed ownership structure will enable an increased focus on executing our long-term strategy, and underlines my confidence and conviction in Altice Europe’s prospects.”
“Altice Europe has a unique asset base, fully converged and fibre rich, with a leading position and nationwide fixed and mobile coverage across markets,” he said.
The offer is subject to certain customary conditions and is expected to complete in Q1 2021.
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