January 8, 2018 / 11:26 PM / 15 days ago

BRIEF-Altice N.V. Announces Altice USA Spin-Off, New Altice Europe Structure

Jan 8 (Reuters) - Altice N.V.:

* ALTICE ANNOUNCES GROUP REORGANIZATION, ALTICE USA SPIN-OFF AND NEW ALTICE EUROPE STRUCTURE

* SAYS SEPARATION OF ALTICE USA FROM ALTICE NV TO BE EFFECTED BY SPIN-OFF OF ALTICE NV‘S 67.2% INTEREST IN ALTICE USA

* ALTICE FOUNDER PATRICK DRAHI TO CONTROL BOTH ALTICE EUROPE AND ALTICE USA‍​

* SAYS ALTICE EUROPE TO REORGANIZE ITS STRUCTURE INTO ALTICE FRANCE, ALTICE INTERNATIONAL AND NEWLY FORMED ALTICE PAY TV SUBSIDIARY

* POST-SEPARATION, DRAHI WILL SERVE AS PRESIDENT OF ALTICE EUROPE BOARD AND CHAIRMAN OF ALTICE USA BOARD

* BOARD OF ALTICE USA APPROVED PAYMENT OF $1.5 BILLION CASH DIVIDEND TO ALL SHAREHOLDERS IMMEDIATELY PRIOR TO COMPLETION OF SEPARATION

* ALTICE USA BOARD HAS AUTHORIZED SHARE REPURCHASE PROGRAM OF $2 BILLION, EFFECTIVE AFTER COMPLETION OF SEPARATION

* SAYS PAYMENT OF $1.5 BILLION CASH DIVIDEND WILL BE FUNDED WITH AVAILABLE OPTIMUM REVOLVING FACILITY CAPACITY AND A NEW FINANCING AT OPTIMUM

* ALTICE EUROPE REORGANIZATION TO INCLUDE INTEGRATING ALTICE‘S SUPPORT SERVICES BUSINESSES INTO THEIR RESPECTIVE MARKETS

* CO‘S OWNERSHIP OF ALTICE TECHNICAL SERVICES U.S. TO BE TRANSFERRED TO ALTICE USA BEFORE COMPLETION OF SEPARATION FOR NOMINAL CONSIDERATION

* ALTICE EUROPE REORGANIZATION TO INCLUDE BUNDLING ITS PREMIUM CONTENT ACTIVITIES INTO SEPARATELY FUNDED OPERATING UNIT WITH ITS OWN P&L

* SAYS EACH CO SHAREHOLDER WILL BE ENTITLED TO RECEIVE 0.4163 OF A SHARE OF ALTICE USA COMMON STOCK FOR EVERY ALTICE NV SHARE

* ALTICE USA CLASS B STOCK WILL NOT BE LISTED FOR TRADING ON NYSE OR ANY OTHER EXCHANGE AT TIME OF SEPARATION

* DEAL WILL INCREASE ECONOMIC OWNERSHIP OF PUBLIC STOCKHOLDERS OF ALTICE USA FROM 10.3% OF TOTAL SHARE CAPITAL OF ALTICE USA TO 42.4%

* DENNIS OKHUIJSEN WILL SERVE AS CEO OF ALTICE EUROPE

* DEXTER GOEI WILL CONTINUE TO SERVE AS CEO OF ALTICE USA

* SAYS SEPARATION OF ALTICE USA FROM CO WAS APPROVED BY THE ALTICE NV BOARD OF DIRECTORS ON JANUARY 8, 2017

* SAYS ALTICE FRANCE WILL CANCEL ITS EXISTING WHOLESALE PAY TV CONTRACTS FOR THE CONTENT AND CHANNELS BEING TRANSFERRED TO ALTICE PAY TV

* PROPOSED REORGANIZATION, SPIN-OFF WILL HAVE NO IMPACT ON ALTICE USA‘S DEBT STRUCTURE

* ALTICE EUROPE ADVANCING POTENTIAL DISPOSAL OF NON-CORE ASSETS, INCLUDING NON-STRATEGIC TOWER PORTFOLIO, OPERATIONS IN DOMINICAN REPUBLIC Source text - (bit.ly/2CVlIR8) Further company coverage:

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