Altice USA completes separation from parent company | Cable | News | Rapid TV News
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Cable company Altice USA has completed the planned separation from its European parent – a relief for investors who didn’t want to be culpable for the larger Altice Europe’s debt.

altice 12 june 2018The transaction was effected by a special distribution in kind by Altice Europe of its 67.2% interest in Altice USA  to shareholders out of Altice Europe's share premium reserve.

There are now 489.4 million shares of Altice USA Class A common stock and 247.7 million shares of Altice USA Class B common stock outstanding.

In the re-organisation,Altice USA will continue to be headed by CEO Dexter Goei, but Altice USA will increase its board of directors to nine members, adding Altice Europe founder and executive director Patrick Drahi as chairman, Altice USA co-president and CFO Charles Stewart and Altice Europe treasurer Gerrit Jan Bakker.