19.8 C
Srīnagar
Monday, April 15, 2024
HomeEntertainmentAltice USA shares spike 50% on report Constitution is contemplating acquisition

Altice USA shares spike 50% on report Constitution is contemplating acquisition


Igor Golovniov | Lightrocket | Getty Photos

Altice USA shares spiked as a lot as about 50% on Monday following a report that Charter Communications is contemplating shopping for the broadband firm.

Constitution is working with monetary advisors because it considers whether or not it could make sense to purchase Altice USA, Bloomberg reported Monday, citing folks with data of the matter. It’s unclear if Constitution has made a proper strategy, the outlet added.

The bigger firm’s shares dropped practically 2% on Monday afternoon.

Constitution declined to touch upon the report, whereas Altice USA couldn’t instantly be reached for remark.

The deal would deliver vital consolidation at a time when main communications firms wrestle to maintain broadband and cable subscribers. Altice USA shares had plunged greater than 40% this yr earlier than their soar Monday, whereas Constitution’s inventory has fallen about 25%.

Altice USA owns manufacturers led by broadband, TV and telephone firm Optimum. The corporate has about 5 million clients.

Constitution simply trumps its dimension with 32 million broadband and cable subscribers.

— CNBC’s Alex Sherman contributed reporting


#Altice #USA #shares #spike #report #Constitution #acquisition

RELATED ARTICLES
- Advertisment -

Most Popular

Recent Comments