Altice SA announced that it is going to purchase about 70% of the telecommunications company Suddenlink Communications. The decision has been taken by the company as Patrick Drahi, head of the French telecom group Altice, has embarked on an expansion into the United States.
On Wednesday, Altice revealed that the purchase has placed an enterprise value of about $9.1 billion on Suddenlink, which is currently the seventh-largest United States cable company. Apart from buying Suddenlink stake, Drahi's investment vehicle Altice had made a takeover approach for larger Time Warner Cable Inc. Earlier, merger of Time Warner Cable Inc. was cancelled in April, as per reports.