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Altice NV, Altice USA effect split

As planned, Altice NV said June 8 that it officially separated from Altice USA Inc.

In connection with the separation, Altice NV changed its name to Altice Europe NV. Shares in Altice Europe will begin trading on Euronext Amsterdam under the new name June 12.

The separation occurred via a special distribution in kind by Altice NV of its 67.2% interest in Altice USA to Altice NV shareholders. For each Altice NV share held, stockholders were able to receive 0.4163 shares of Altice USA common stock. Between May 24, 2018, and June 4, 2018, Altice NV shareholders were allowed to choose the percentage of shares of Altice USA class A common stock and shares of Altice USA class B common stock they wanted to receive in the distribution.

All told, 247,683,489 shares of Altice USA class A common stock and 247,683,443 shares of Altice USA class B common stock were distributed. In sum, there will be 489,384,523 shares of Altice USA class A common stock and 247,684,443 shares of Altice USA class B common stock outstanding.

The appointment of Altice founder Patrick Drahi as executive director of the board of Altice Europe is effective as of June 8 and will end immediately after the annual general meeting in 2022. The Altice USA board will consist of nine members following the separation. Drahi will serve as the chairman, while Charles Stewart will continue to serve as co-president and CFO of Altice USA; Gerrit Jan Bakker will continue in his role as treasurer of Altice Europe.

Drahi previously said the separation would "allow both Altice Europe and Altice USA to focus on their respective operations and execute against their strategies, deliver value for shareholders, and realize their full potential."

Altice Europe is a telecom, content, media, entertainment and advertising company. Altice USA is a broadband communications and video services provider in the U.S.

In May, Altice NV shareholders approved the proposed separation of Altice USA from the company at an annual general meeting.