France: Billionaire Patrick Drahi buying 70% of Suddenlink Communications

European telecoms group Altice has agreed to buy U.S. regional cable company Suddenlink Communications for $9.1 billion, making a first move across the Atlantic and setting the stage for further deals there.

In addition to Suddenlink, the seventh-largest U.S. cable player, Altice has also approached No.2 provider Time Warner Cable over a deal, sources said, creating a potential bidding war with John Malone’s Charter Communications.

Altice Chief Executive Dexter Goei declined to comment on Time Warner, saying only that Altice saw the United States as fertile territory given strong sales growth and potential for deals there.

“Everything below Comcast is in consolidation mode,” he told an analyst call, referring to the largest U.S. cable provider. “It augurs for interesting next six to 18 months and we clearly expect to be right in the middle of that.”

Patrick Drahi, Altice’s billionaire founder, wants to build an empire in cable and mobile after doing four major deals last year alone.

Full content: Bloomberg

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