Altice USA, Inc. Presents Revised and Enhanced Offer to Acquire Cogeco in Order to own Atlantic Broadband - Seite 2

The all-cash offer by both Altice USA and Rogers is subject to entrance into definitive transaction agreements with Cogeco and the receipt of customary shareholder, corporate and regulatory approvals. Altice USA and Rogers are confident that the transaction would receive all required regulatory approvals on a timely basis. Altice USA and Rogers anticipate closing the transactions within six to nine months after signing definitive agreements, following receipt of necessary approvals.

Altice USA’s share repurchase and net leverage targets for 2020 remain unchanged from this transaction.

Rogers will be entitled to receive the premium offered by Altice USA to all subordinate voting shareholders. As a result, the net consideration to be paid by Rogers for the Canadian assets of Cogeco reflects a gross price of C$6.0 billion, less the premium on the shares currently held by Rogers of C$800 million, less the value of Rogers’ shares excluding the premium of C$1.5 billion, for net cash consideration of C$3.7 billion. Rogers does not anticipate any need to issue equity as a result of this transaction and its current dividend is maintained.

Benefits to Atlantic Broadband

This revised offer is in line with Altice USA’s previously stated objective to opportunistically grow through value-accretive acquisitions. The acquisition of Atlantic Broadband, if consummated, would allow Altice USA to build on its success with prior cable acquisitions in the United States and expand its operations across 11 states on the east coast of the United States, adjacent to its existing Optimum and Suddenlink footprints.  As part of Altice USA, Atlantic Broadband would benefit from enhanced scale, operating efficiencies and further investment support that are at the core of the Altice business model and strategy. Altice USA’s commitment to innovation, best-in-class services, long-term network investments and customer service creates significant benefits and long-term value for customers, employees and shareholders.

Benefits to Quebec and Cogeco

Over the last 10 years, Rogers has invested more than C$2 billion in its wireless network in Quebec and offers wireless services across the province. In January, Rogers started the rollout of Canada’s first 5G network in Montreal, and expanded the Rogers 5G network to Quebec City, Gatineau and Trois-Rivières last month. Today, Rogers is the largest 5G network in Quebec and Canada, reaching 130 towns and cities.