Altice shareholders approve separation of US arm

Altice’s shareholders have approved the separation of Altice USA, the company’s US arm, from what will become Altice Europe.

The separation of the two parts of Altice will be effected by a special distribution in kind by Altice NV – the part that will become Altice Europe – of its 67.2% interest in Altice USA to its shareholders out of it share premium reserve.

Altice NV shares will be traded ex-dividend on the Euronext Amsterdam exchange as of tomorrow.

Altice NV posted solid Q1 results last week that saw its struggling French arm Altice France/SFR add new customers in what was the its best quarterly performance since it was acquired by Altice.

Altice NV’s revenues were flat year-on-year at €3.6 billion, while adjusted EBITDA slipped slightly to €1.28 billion following significant investment in network infrastructure and customer services.

Altice USA earlier posted revenues of US$2.33 billion (€1.98 billion) for the quarter to March 31, up 1.2%, driven by residential revenue growth of 0.6%, business services revenue growth of 4.3% and advertising revenue growth of 5.1%. Adjusted EBITDA was up 4% to US$981 million.