Altis sells lightpath steak to Morgan Stanley for $ 2.3 billion


(Bloomberg) – Broadband provider company Altice USA Inc. agreed to sell half of its lightpath fiber business to Morgan Stanley Infrastructure Partners for about $ 2.3 billion.



Close to a cage: Light trails from network switches illuminate fiber optic cables, hubs and copper Ethernet cables inside a communications room of an office in London, UK on Monday, 21 May 2018.  The Department of Culture, Media and Sports will work with the Home Office to publish a white paper later this year, according to a statement, which will force the tech giant to tell them that they are abusive and How to target illegal online content.


© Bloomberg
Light trails from network switches illuminate fiber optic cables, hubs and copper Ethernet cables inside the communication room of an office in London, UK on Monday, 21 May 2018. The Department of Culture, Media and Sports will be working with the Home Office to publish a white paper later this year, according to a statement to explain how it targets abusive and illegal online content posted to users. Tech will try to force the Giants.

Altice expects the deal to receive approximately $ 1.1 billion in net cash after taxes and debt repayments, valuing the $ 3.2 billion operation. The company said in a statement on Tuesday, Altis will retain control of the business with a 50.01% stake.

It is loading...

Load error

The transaction means helping Altice focus on its core business while bringing new capital to Lightpath, which sells fiber-optic services to companies in the New York City area. More than 11,400 buildings are connected to Lightpath’s fiber network.

Altis shares gained 2% in late trading after the deal was announced. This year they were down 11%.

Altice, which split from Patrick Drohi’s Altice NV in 2018, discussed Bloomberg selling the Lightpath stake to Stonepeck Infrastructure Partners last year.

The Morgan Stanley transaction is expected to close in the fourth quarter. Goldman Sachs Group Inc. acted as financial advisor to Altis, while Shearman & Sterling LLP, Mayer Brown LLP and Ropes & Gray LLP offered legal counsel. Evercore was the financial advisor for Morgan Stanley Infrastructure Partners, with Simpson Thatcher and Bartlett LLP providing legal support.

For more such articles, please visit bloomberg.com

© 2020 Bloomberg LP

Video: Tiktok faces well-funded rivals, regulatory scrutiny in US (Fox Business)


Continue reading

Leave a Reply

Your email address will not be published.