Altice N.V. (ENXTAM:ATC) entered into a definitive agreement to acquire Cablevision Systems Corporation (NYSE:CVC) from Dolan family, Paulson & Co. Inc., T. Rowe Price Associates, Inc. and others for $9.8 billion in cash on September 16, 2015. Under the terms of agreement, Altice will pay $34.9 in cash for each Cablevision Class A common stock and Cablevision Class B common stock. The transaction will be financed with $14.5 billion of new and existing debt at Cablevision, cash on hand at Cablevision and $3.3 billion of cash from Altice. Altice intends to raise equity by issuing Class A shares in connection with funding its portion of the acquisition. Altice has received full financing commitments from JP Morgan, BNP Paribas and Barclays. BC Partners and CPP Investment Board have an option to participate for up to 30% of the equity of Cablevision. The deal is not subject to financing conditions. The deal will be terminated if not complete on or before September 16, 2016. In case of termination, Altice shall pay $560 million as termination fee and Cablevision shall pay $280 million as termination fee. BC Partners and Canada Pension Plan Investment Board will each fund 12% in the transaction. BC Partners and Canada Pension Plan will commit approximately $400 million each in the deal.

The transaction is subject to regulatory and other customary approvals, expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvement Act, approval from Federal Communications Commission. Holders of shares representing a majority of the outstanding of voting power of Cablevision delivered written consents approving the transaction. The announced transaction is not subject to further shareholder approval. The transaction is expected to close in the first half of 2016. The transaction still needs approval from the state of New York and New York City.

As reported on September 21, 2015, Altice launched a loan package consisting of term loans in an aggregate principal amount of up to $2.3 billion and revolving loan commitments in an aggregate principal amount of up to $2 billion. On September 22, 2015, Altice launched an offering of $4.3 billion aggregate principal amount of its senior notes due 2025 and $2 billion aggregate principal amount of its senior guaranteed notes due 2025. Altice intends to use the proceeds from the term loans and the notes, together with an equity contribution from Altice and existing cash at Cablevision to finance the transaction. As on October 1, 2015, Altice N.V. announced launching of €1.8 billion ($2.02 billion) worth of new equity capital by issuing 70 million of Class A shares and up to 24.8 million of Class B shares. Altice N.V. will use the proceeds of the placing to finance part of the consideration for the acquisition of Cablevision Systems Corp. As of October 27, 2015, BC Partners and CPP Investment Board have exercised an option to participate for up to 30% of the equity of Cablevision for $1 billion. As of November 4, 2015, the transaction received early termination notice from FTC. As on April 7, 2016, the New York State Public Service Commission extended the deadline for its decision on May 20, 2016. As of May 3, 2016, the transaction was approved by the Federal Communications Commission. On June 15, 2016, the deal was approved from The New York State Public Service Commission.

Jake Donavan of JPMorgan Chase & Co. (NYSE:JPM), BNP Paribas and Barclays acted as financial advisors to Altice. Rob Spatt and Arthur Robinson of Simpson Thacher acted as the legal advisor to JPMorgan Chase & Co. in its role as financial advisor in connection with the acquisition of Cablevision as well as in connection with the related financing.

David Connolly, John Madden, Creighton Condon, Sami Toutounji, Doreen Lilienfeld, Michael Benjamin, George Karafotias, Harald Halbhuber, Richard Fischetti, Erik Lindemann, Mark Pereira, Nell Beekman and Orla McMahon and Alan Goudiss of Shearman & Sterling, Peter Laveran, Phillip Tamussino, Scott Naturman, Sarah Griffiths, Jonathan Browalski, Bill Sturman, Kelly Labritz, Mace Rosenstein, Yaron Dori, Ani Gevorkian, Michael Beder, Mark Plotkin, David Fagan, Jonathan Wakely, Kavita Pillai and Jim O'Connell of Covington & Burling, Michael Kazakevich, De Brauw Blackstone Westbroek, Martin van Olffen, Reinier Kleipool, Ton Schutte, Paul Sleurink and Joost Schutte of Ropes & Gray, De Brauw Blackstone Westbroek and William Lafferty, Melissa DiVincenzo and Eric Klinger-Wilensky of Morris Nichols Arsht & Tunnell acted as legal advisors to Altice. Laurent Borey, Olivier Parawan, Nathalie Jacquart, Jason Bazar, Lucas Giardelli, Maurice Worsley and Lee Morlock of Mayer Brown acted as legal advisors to Altice N.V. David Vermillion of Teneo Strategy acted as PR advisor to Altice. Alan Schwartz, Eric Rutkosk, Amani Macaulay and Bob Bicknese of Guggenheim Securities and PJT Partners acted as financial advisors to Cablevision. John P. Mead, Shannon M. Haley, F. Walton Dumas, Joshua M. Drapekin, Kevin Y. Toh, Jeannette E. Braun , Joyce Y. Kwok, John C. Wildt, Spencer F. Simon, Matthew J. Brennan, Joseph B. Frumkin, Matthew Friestedt, Spencer Simon, Matthew Brennan, Robert Downes, John Estes, Ronald Creamer and Melissa Sawyer of Sullivan & Cromwell, Tara Corvo and Paul Abbott of Mintz Levin Cohn Glovsky and Popeo, and Richards Layton & Finger acted as legal advisors to Cablevision. Richard D. Bohm, Michael A. Diz, Peter A. Furci, Gary W. Kubek, Elizabeth Pagel Serebransky, William D. Regner and Usman Arain from Debevoise & Plimpton LLP acted as the legal advisors to the Dolan family. Merrill Lynch, Fenner & Smith Incorporated acted as financial advisor to Cablevision. Cravath, Swaine & Moore LLP is representing Bank of America Merrill Lynch. Jason Cruise, John Giouroukakis, John Janka, Dennis Lamont, Raymond Lin, Karl Mah, Jocelyn Noll and David Raab of Latham & Watkins acted as legal advisor for BC Partners. The currency conversion was done from www.oanda.com on September 17, 2015.

Altice N.V. (ENXTAM:ATC) completed the acquisition of Cablevision Systems Corporation (NYSE:CVC) from Dolan family, Paulson & Co. Inc., T. Rowe Price Associates, Inc. and others on June 21, 2016.