Altice USA offers to buy Cogeco, Cogeco Communications for equivalent of C$10.3 billion in cash

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Altice USA Inc. said Wednesday that it has offered to buy Canada-based Cogeco Inc. and Cogeco Communications Inc. for C$10.3 billion ($7.8 billion) in cash. As part of the proposed deal, the telecommunications company has entered into an arrangement to sell all of Cogeco’s Canadian assets to Rogers Communications Inc. if the deal to buy Cogeco is completed. The deal would value Cogeco’s U.S. assets at about C$4.8 billion ($3.6 billion). Altice USA’s stock surged 5.3% toward a more-than 6-month high and Rogers’s stock jumped 3.8% toward a 3-month high, while Cogeco’s stocks were still inactive. Altice USA’s stock has now gained 6.5% year to date, while the S&P 500 has advanced 9.7%.
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