Altice Raises $1.8 Billion in Stock Market Listing
Published on: 31st Jan 2014
By: Ian Mansfield
The telecoms holding company Altice has raised EUR1.3 billion (US$1.8 billion) in a stock market listing on the Amsterdam stock exchange that significantly exceeded earlier plans to raise around US$1 billion.
The company, controlled by entrepreneur Patrick Drahi, has a market capitalisation of around EUR5.9 billion after its shares rose in post-listing trading.
Altice is a Luxembourg based company, founded by telecom entrepreneur Patrick Drahi. Altice and its affiliates currently regroup and operate cable, mobile, DSL and datacentre companies in France, Israel, Belgium, Luxembourg, the Caribbean, Indian Ocean, Portugal and Switzerland.
It recent bought Orange Group's Dominican Republic subsidiary as part of a consortium for US$1.4 billion.
"There are opportunities in each one of our markets," Chief Executive Officer Dexter Goei told reporters in Amsterdam. "We're effectively in nine different regions or countries, so we're looking at more than nine opportunities."
Around a quarter of the company's shares have been listed, with the rest held by Drahi and Altice's management.
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