The telecoms tycoon building a stake in BT is pursuing a potential sale of part of his heavily indebted US business, a deal that could have ramifications for Britain’s largest telecoms group.
Altice USA, whose chairman is Patrick Drahi, is exploring the sale of Suddenlink, which provides cable and internet services in the south-central part of the US, for up to $20 billion and is working with investment bankers at Goldman Sachs, Bloomberg reported.
A possible sale triggered a rebound in shares of Altice USA in New York, which this year had fallen to their lowest since Drahi, 58, spun off the US business from his other international telecoms assets in 2017.
The stock rallied by more than a fifth on Thursday but remains about