The separation took place today by way of a special distribution in kind by Altice NV of its 67.2% interest in Altice USA to Altice NV shareholders out of Altice NV’s share premium reserve. Those shareholders get 0.4163 shares of Altice USA for every share of Altice.
Following the distribution, there will be around 489.4 million shares of Altice USA Class A common stock and 247.7 million shares of Altice USA Class B common stock outstanding.
Along with the move, parent Altice NV is changing its name to Altice Europe NV. Patrick Drahi will be executive director of the board at Altice Europe.
Meanwhile, the Altice USA board will consist of nine members, with Drahi serving as chairman. Also on the board will be Charles Stewart (co-president and chief financial officer of Altice USA) and Gerrit Jan Bakker (treasurer of Altice Europe).