Altice USA said its former parent Altice Europe sold about 17.9 million shares in the U.S. company to an unnamed broker dealer, with Altice USA purchasing about 3.6 million shares for $85 million.
According to Altice USA, the shares sold by Altice Europe represented substantially all of its remaining stake in the company.
Altice Europe was created in 2018 after French-based telecom conglomerate Altice NV separated its US and European operations. The move was made in part to ease investor fears that the U.S. operation would be liable for the former parent’s debt load.
Altice USA went public in June 2017, and though it debuted on the New York Stock Exchange at about $30 per share, the stock has had its ups and downs since. Altice USA shares were priced at $24.48 each in early morning trading Tuesday, up 18 cents or 0.7% each.