Altice USA Offers To Purchase U.S. Assets Of Cogeco; Rogers To Buy Canadian Assets Of Cogeco

(RTTNews) - Altice USA, Inc. (ATUS) has presented an offer to acquire 100% of the issued and outstanding shares of Cogeco. The aggregate all-cash consideration offered for all of the outstanding shares of Cogeco Inc. and Cogeco Communications, including those owned by Rogers, is approximately C$10.3 billion, or US$7.8 billion.

Rogers Communications, the largest long-term shareholder of Cogeco, has agreed with Altice USA to purchase all of the Canadian assets of Cogeco Inc. and Cogeco Communications for a net purchase price of approximately $4.9 billion. This deal is conditional upon completion of the Altice USA offer.

Upon completion, Altice USA would own all the U.S. assets of Cogeco, namely Atlantic Broadband. Atlantic Broadband is currently the 9th largest cable operator in the U.S.

"We look forward to the opportunity to extend Altice USA's high-quality broadband, video, mobile, and news offerings to more than 1.1 million additional homes and businesses," Dexter Goei, CEO of Altice USA said.

Altice USA noted that the company's share repurchase and net leverage targets for 2020 remain unchanged from the transaction.