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.
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