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Proseguiamo il nostro osservatorio sulle operazioni di M&A all cash con un titolo CVC quotato sul NASDAQ che ha un interessante sconto di circa l’11,5%.

CVC è il ticker di Cablevision System, una impresa televisiva via cavo che serve le aree circostanti di New York City. È il quinto più grande provider di rete via cavo ed è il nono fornitore di contenuti televisivi negli Stati Uniti, con la maggioranza dei clienti residenti in New York, New Jersey, Connecticut e in parti della Pennsylvania. Cablevision offre anche connessioni Internet ad alta velocità (Optimum Online), cavo digitale (Optimum TV) e servizio di telefonia VoIP (Voice Optimum) con il marchio Optimum. Inoltre, a partire dal febbraio 2015, Cablevision offre anche un servizio di telefono cellulare voip con copertura solo wi-fi.

La francese Altice ha rilevato l’americana Cablevision System per circa 10 miliardi di dollari, ovvero 17,7 miliardi comprensivi dell’assunzione del debito, nell’ambito di un accordo che dimostra l’interesse delle società europee per il mercato delle trasmissioni via cavo americane. L’operazione dà vita al quarto operatore del settore negli Stati Uniti.

Il prezzo che sarà pagato corrisponde a $ 34,90 per azione,  e la chiusura dell’operazione dovrebbe avvenire nella prima metà del 2016, una volta arrivato il via libera delle autorità di regolamentazione. La transazione sarà finanziata con 14,5 miliardi di dollari di debito nuovo ed esistente, con liquidità a disposizione di Cablevision e con 3,3 miliardi di dollari in contante da parte di Altice.

La private Equity Bc Partners e Cpp Investment Board hanno l’opzione di partecipare per una quota fino al 30% del capitale di Cablevision. Altice, che prevede inoltre di raccogliere fondi emettendo azioni di Classe A, ha ricevuto impegni per finanziamenti da parte di JPMorgan, Bnp Paribas e Barclays, che hanno anche fatto da consulenti per la società francese.

Dopo avere rilevato il maggio scorso il 70% dell’operatore via cavo americano Suddenlink Communications per circa 9,1 miliardi di dollari, il gruppo delle telecomunicazioni Altice, controllato dal miliardario francese Patrick Drahi, punta a rafforzarsi ulteriormente negli Stati Uniti. “La strategia di Altice per il mercato americano, ampio e altamente strategico, è rafforzata dall’acquisizione di Cablevision. Saremo in una posizione più solida”, ha detto Drahi.

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9 COMMENTS

  1. grazie sparviero
    effettivamente le cable sono scese
    andrebbe analizzata meglio la situazione.

    c’è da dire che gli articoli spostano abbastanza il prezzo sui deal
    ho in mente un articolo su seeking alpha a proposito di perseon

  2. What’s Cablevision Systems Corporation Upside After Today’s Bearish Options Activity?
    In today’s session Cablevision Systems Corporation (CVC) recorded an unusually high (1,003) contracts volume of put trades. Someone, most probably a professional was a very active buyer of the December, 2015 put, expecting serious CVC decrease. With 1,003 contracts traded and 10154 open interest for the Dec, 15 contract, it seems this is a quite bearish bet. The option with symbol: CVC DEC 15 30 Put closed last at: $0.75 or 31.8% down. The stock increased 0.33% or $0.1 on December 4, hitting $29.97. Cablevision Systems Corporation (NYSE:CVC) has risen 46.62% since May 4, 2015 and is uptrending. It has outperformed by 47.70% the S&P500.
    Out of 18 analysts covering Cablevision Systems Corporation (NYSE:CVC), 2 rate it “Buy”, 0 “Sell”, while 18 “Hold”. This means 10% are positive. Cablevision Systems Corporation was the topic in 14 analyst reports since August 11, 2015 according to StockzIntelligence Inc.

    Cablevision Systems Corporation through its subsidiary CSC Holdings, LLC (CSC Holdings, and collectively with Cablevision) and their subsidiaries operates cable activities business in the United States. The company has a market cap of $8.29 billion.

    http://www.financialmagazin.com/whats-cablevision-systems-corporation-upside-after-todays-bearish-options-activity/

  3. The Communications Workers of America has objected to Altice’s pending $17.7 billion acquisition of Cablevision Systems, saying the deal isn’t in the public interest.

    In a formal objection filed with the Federal Communications Commission, the CWA, which represents about 300 Cablevision workers in Brooklyn, said the deal’s heavy debt component (about $8.6 billion) will lead to downsizing. The union also pointed to Altice’s reputation for refusing to pay contractors and outsourcing key functions of the business.

    “Altice’s track record in France and Portugal clearly shows the danger this deal poses to Cablevision’s customers and employees,” said CWA District 1 Vice President Dennis Trainor in a statement. “Altice takes on too much debt, outsources as much work as possible and then downsizes its workforce. Customers get worse service and employees lose their job. Unless Altice makes commitments to protect customer service and Cablevision employees, the FCC should reject this deal.”

    Altice agreed to purchase Cablevision in a deal announced in September and has said it expects to close the transaction in the first half of 2016. As part of the purchase, The European telecom company has said it will take on $8.6 billion in debt to finance the all-cash transaction. The union and Cablevision have had a contentious relationship over the past few years. The union was able to organize about 300 tech workers in Brooklyn earlier this year but failed in attempts to unionize Cablevision operations in the Bronx. Cablevision has about 13,656 total employees.

    “Altice has a track record of investment, innovation and customer service in all the communities we serve. We look forward to a fair and open regulatory process in connection with our proposed Cablevision transaction, and as in all of our other territories we expect to deliver significant benefits to consumers and their communities in the Tri-state area,” Altice said in a statement

    The CWA said coupled with Cablevision’s existing $5.9 billion in debt, it will force the combined company to initiate such deep cost cuts that “both staffing and network investments are likely to suffer, to the detriment of both consumers and workers.”

    Altice has said that it plans to shave about $900 million in operating expenses from Cablevision after the deal, mainly by applying European-style business practices. Several analysts and even one top cable executive have said in the past that squeezing that much from operations could be difficult. In its filing, the CWA said that will likely mean “significantly worse” customer service and pointed to a Deutsche Bank report that said in France Altice-owned Numericable-SFR lost 1.256 million mobile subscribers (5.4% of subscribers), 246,000 retail broadband subscribers (3.7% of subscribers), and 719,000 home connections (7.2% of subscribers) over the past year (3Q2014 to 3Q2015).

    In addition, CWA said in France and Portugal two Altice companies were fined $410,000 each for not paying its contractors.

    The CWA said it plans to weigh in with the New York State Public Service Commission, the New York City Franchise Concession Review Committee and the Connecticut Public Utilities Regulatory Authority, all of whom will play a role in reviewing the deal.

    http://www.multichannel.com/news/distribution/union-objects-altice-cablevision-deal/395775

  4. FCC Gives Green Light for Altice to Buy Suddenlink

    by Karl Bode

    Monday Dec 21 2015 08:30 EST

    The FCC has given the green light to French company Altice’s plan to pay $9.1 billion to acquire Suddenlink. In a notice (pdf) posted to the FCC website, the agency stated that after careful review, the agency finds that the merger would be in the public interest.

    Click for full size

    “Based on our careful review of the record, we find the transaction is unlikely to result in any significant public interest harms,” the FCC said in the order. “We find that the transaction is likely to result in some public interest benefits of increased investment in local networks facilities and broadband services in Suddenlink’s service territory.”

    Altice originally announced the Suddenlink acquisition back in May.

    “We find nothing in the record leading us to conclude that Altice will deviate from what Applicants describe as a ‘demonstrated track record’ of investing in the service providers Altice acquires, while improving its offerings and competitive position in the market, to the benefit of consumers,” the Commission said of the deal.

    Altice is also waiting on the government’s approval for its planned $17.7 billion acquisition of Cablevision, announced last September. Cablevision, once on the bleeding edge of broadband speeds, had spent the last few years stuck in neutral as the company’s owners (the Dolan family) focused on finding a company interested in paying top dollar for the NY area cable operator.
    Users interested in seeing what Altice has in store in 2016 should keep an eye peeled on our Cablevision (Optimum) and Suddenlink forums.

    http://www.dslreports.com/shownews/FCC-Gives-Green-Light-for-Altice-to-Buy-Cablevision-135924

  5. Cablevision shares are down 1.6% in early trading — but Altice, trading in Amsterdam, was up 5.3% — after the Wall Street Journal reported that officials in the Big Apple and Empire State are looking askance at the French telecom company’s $10 billion acquisition plan.

    Related

    Will Altice Declare War On TV Network Price Increases After It Buys Cablevision?

    The fear is that Altice’s extravagant vow to investors to find $900 million in cost savings and synergies will lead it to skimp on customer services.

    “We are certainly not afraid to disapprove a transaction,” city Mayor Bill de Blasio’s Legal Counsel Maya Wiley told the paper. Altice told her and other officials that it would improve service by installing more fiber optic lines. But she says the city wants “the demonstration of the ability to make good on a promise.”

    The state Public Service Commission plans to rule in April on Altice’s acquisition. Cablevision has 2.6 million video customers, most concentrated in the tri-state area around New York City including its outer boroughs and Long Island.

    Many Wall Streeters, and especially Altice shareholders, are skeptical that it will be able to find $900 million in benefits or savings after buying Cablevision. That’s more than Charter expects to find from its $67 billion transactions to pick up Time Warner Cable and Bright House Networks.

    MoffettNathanson Research’s Craig Moffett wrote last week that he believes that “Altice dramatically overpaid, and that their attempts to cut costs are both overly ambitious and are potentially injurious to what we already expected to be very weak operating results.”

    Bernstein Research’s Paul de Sa believes that if Altice buys Cablevision then it probably will avoid “margin-destroying head-to-head price wars” with Verizon FiOS.

    Shareholders seem to agree that Cablevision has more to gain, and Altice more to lose, from the deal. The cable company’s shares appreciated 9.9% since just before the transaction was announced in mid-September. Altice is down 46.6% over the same period.

    Altice says that it looks “forward to a fair and open regulatory process with the relevant authorities in connection with our proposed Cablevision transaction, and as in all of our other territories we expect to deliver significant benefits to consumers and their communities in the Tri-state area.”

    On Monday the company secured a foothold in the U.S. cable business by closing its $9.1 billion acquisition of 70% of Suddenlink.

    http://deadline.com/2015/12/new-york-block-cablevision-altice-merger-deal-1201671537/

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