NY PSC Extends Deadline For Altice Decision
The New York State Public Service Commission has extended the deadline for its final decision on Altice’s $17.7 billion acquisition of Cablevision Systems to May, a move that the companies say will not delay the final closing of the deal.
Altice agreed to buy Cablevision in September in an all-cash deal valued at $17.7 billion in September. The deal was expected to close in the first half of this year.
According to documents filed with the PSC, the agency said the new deadline is May 20. The agency had previously planned to submit its final order on the merger on April 29.
The PSC staff has been critical of the merger, adding that it would not be in the public interest unless stiff conditions are applied.
In a statement, Altice said it agreed with the extension and believes it still has plenty of time toclose the deal by the end of the second quarter The Federal Communications Commission also has to sign off on the deal.
“Altice remains actively engaged in the regulatory process, which is well underway and proceeding as anticipated,” Altice said in a statement. “Altice, Cablevision Systems Corporation and New York Public Service Commission counsel have agreed to extend the deadline to issue a final order on the Joint Petition in New York by three weeks, but this extension is not expected to affect the projected timetable for closing, which remains before the end of the second quarter of this year.”
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