The transaction, expected to be completed in Q1 2021, will pave the way for the delisting of Altice Europe.
Commenting on the development, Drahi said: “The proposed transaction announced today will result in a new and exciting chapter for Altice Europe and our stakeholders. Following the group reorganisation in 2018, Altice Europe has successfully executed on the operational and financial turnaround strategy. Over the same period, Altice Europe has made outstanding progress in simplifying and strengthening its diversified capital structure. The proposed ownership structure will enable an increased focus on executing our long-term strategy and underlines my confidence and conviction in Altice Europe’s prospects. Altice Europe has a unique asset base, fully converged and fibre rich, with a leading position and nationwide fixed and mobile coverage across markets. With my ongoing personal involvement, Altice Europe will maintain the fundamental Altice Model at heart. I am excited to continue leading Altice Europe’s loyal management and their excellent teams. Altice Europe continues to have tremendous opportunities ahead”.
Jurgen van Breukelen, chairman of Altice Europe, added: “Right from the start of the process in early August, we have followed a careful, full and thorough process with all four independent non-executive directors and the non-conflicted executive director. Our focus has been on determining the best way forward for Altice Europe and its business, while safeguarding the interests of all stakeholders involved. This transaction will allow Altice Europe to more successfully and effectively achieve its goals in a private and fully owned environment, benefiting from the founder’s ongoing long-term commitment to the business”.