Altice USA Announces Closing of Sale of 49.99% of Lightpath Fiber Enterprise Business to Morgan Stanley Infrastructure Partners
NEW YORK--(BUSINESS WIRE)-- Altice USA (NYSE: ATUS) today announces it has closed the previously announced sale of 49.99% of its Lightpath fiber enterprise business to Morgan Stanley Infrastructure Partners (MSIP) for an implied enterprise value of $3.2 billion. Altice USA will retain a 50.01% interest in Lightpath and maintain control of the company.
“We are pleased to have closed this transaction and partner with Morgan Stanley Infrastructure Partners to support ongoing and new growth initiatives, improve operational performance and provide strategic and financial flexibility for Lightpath,” said Dexter Goei, Chief Executive Officer, Altice USA. “This partnership enables us to focus on distinct opportunities for value creation and long-term growth for Lightpath while continuing to provide best-in-class products and services to enterprise customers.”
Lightpath is a fiber-based bandwidth technology platform enabling businesses in the greater New York Metropolitan region to innovate on emerging systems-based applications. Delivering advanced broadband, voice, security, and managed services with 100% fiber optic network connectivity, Lightpath powers businesses to meet their customers’ evolving needs. As of September 30, 2020, Lightpath’s extensive and deep fiber network powered 11,700 connected buildings across more than 18,600 route miles, including owned and Altice USA route miles.
About Altice USA
Altice USA (NYSE: ATUS) is one of the largest broadband communications and video services providers in the United States, delivering broadband, video, mobile, proprietary content and advertising services to more than 5 million residential and business customers across 21 states through its Optimum and Suddenlink brands. The company operates a4, an advanced advertising and data business, which provides audience-based, multiscreen advertising solutions to local, regional and national businesses and advertising clients. Altice USA also offers hyper-local, national, international and business news through its News 12, Cheddar and i24NEWS networks.
About Morgan Stanley Infrastructure Partners
Morgan Stanley Infrastructure Partners (“MSIP”) is a leading global infrastructure investment platform, targeting assets that provide essential services with the potential for value creation through active asset management. Founded in 2006, MSIP has made 30 investments across three global funds with more than $13 billion of capital commitments. MSIP’s investors include some of the largest pension, sovereign wealth and insurance companies across the globe.
Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this release, including, without limitation, those regarding our intentions, beliefs or current expectations concerning, among other things: our future financial conditions and performance, results of operations and liquidity; our strategy, plans, objectives, prospects, growth, goals and targets; and future developments in the markets in which we participate or are seeking to participate. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "anticipate", "believe", "could", "estimate", "expect", "forecast", "intend", "may", "plan", "project", "should" or "will" or, in each case, their negative, or other variations or comparable terminology. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. To the extent that statements in this release are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements including risks referred to in our most recently filed Annual Report on Form 10-K and in our most recently filed Quarterly Report on Form 10-Q. You are cautioned to not place undue reliance on Altice USA’s forward-looking statements. Any forward-looking statement speaks only as of the date on which it was made. Altice USA specifically disclaims any obligation to publicly update or revise any forward-looking statement, as of any future date.
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Source: Altice USA
Released December 1, 2020