The US-arm of Cablevision, and Teads-owner, Altice has filed documents with the US Securities Exchange Commission (SEC) signaling its intention to make an initial public offering (IPO), in the hope of raising up to $2bn in cash.
Altice USA’s parent outfit is based in the Netherlands, and has recently gone about assembling its own adtech stack with last month’s purchase of purchase of Teads for over $300m, adding to its purchase of Audience Partners, following on from its $17.7bn purchase of Cablevision, with the IPO aimed at fueling its US ambitions.
The number of shares to be offered and the price range for the offering have not yet been determined, with J.P. Morgan, Morgan Stanley, Citigroup and Goldman, Sachs & Co. are serving as joint book-running managers for the proposed offering, which will be made only by means of a prospectus. More details in its SEC filing here.
Altice's founder, French billionaire Patrick Drahi, is thought to have made the IPO to help finance further acquisitions in the space, as he seeks to compete with more established outfits such as ComCast, with telecoms providers tipped for further purchases this year.
Commenting on the earlier purchase of Audience Partners, Dexter Goei, chief executive and chairman of Altice USA, said: “By acquiring Audience Partners, Altice USA aims to build the most innovative, data rich, and intelligent advertising platform, offering our advertising and MVPD clients the ability to implement multiscreen addressability and advanced analytics.”
Altice USA, a subsidiary of Altice Group, which is listed in the Netherlands, and is the fourth largest cable operator in the US after last year's deal with 4.6 million customers.