Altice USA Expects IPO to Price Between $27 and $31 a Share

Altice USA Expects IPO to Price Between $27 and $31 a Share

Alice USA unveiled the key terms of its initial public offering today, with the US cable arm expecting to price its common stock at $27-$31 a share and raise as much as $1.35 billion.

BC Partners and CPPIB would jointly own about 17 percent of Altice USA, according to its filing to the U.S. Securities and Exchange Commission (SEC). The IPO would raise at least $1.26 billion. The funds could be used to fuel future acquisitions.

It was formed previous year after Netherlands-based Altice N.V. purchased Suddenlink of St. Louis and Cablevision Systems Corp. of Bethpage.

Some analysts are quietly suggesting, however, that the No. 3 operator, privately held Cox Communications, will be a primary Altice USA takeover target. Holders of those shares include Altice founder Patrick Drahi. Drahi has been described as a protégé of cable mogul John Malone, who in turn has described Drahi as "a genius". Altice USA is the fourth largest cable operator in the country, with about 4.6 million subscribers.

Of the Altice USA stock included in the offering, about 12 million shareswill be offered by Altice USA, 20.9 million by funds advised by BC Partners and 13.5 million by entities affiliated with the Canada Pension Plan Investment Board (CPPIB).

The class A shares being sold in the IPO have essentially no voting power in the company, which is controlled nearly entirely by class B shares owned by Drahi.

Analysts believe that the company's IPO will make it easier for Altice to continue its U.S. expansion plans, potentially with an eye on acquiring smaller companies like Wide Open West (which just finalized its own IPO).

Altice filed the IPO under the trading symbol ATUS.

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