Cablevision has announced that it has entered a definitive agreement to be acquired by European company Altice, according to a company press release.
The acquisition represents an enterprise value of $17.7 billion and will include Cablevisions Lightpath service, News 12 Networks, Newsday Media Group, and Cablevision Media Sales, according to the company.
Currently, Cablevision is the leading operator in the New York Metropolitan area and serves more than 3.1 million residential business customers. Cablevision’s acquisition will be the second acquisition of a U.S.-based cable company by Altice this year.
Earlier this year, Altice acquired Suddenlink and its 1.5 million customers. Together the companies will represent the 4th largest cable operation in the U.S. market with 4.6 million customers in 20 states.
As part of the acquisition Altice will deliver $34.90 in cash for each Class A and Class B Cablevision share. The transaction is expected to close in the first half of 2016.