European telecoms group Altice has agreed to purchase U.S. regional cable company Suddenlink Communications in a $9.1 billion deal, marking its first move across the Atlantic where it is also interested in buying Time Warner Cable.The surprise move is further evidence that Patrick Drahi, Altice's billionaire founder, wants to build an empire in cable and mobile after doing four major deals last year alone.But few expected the 51-year-old tycoon to target the U.S., analysts said, since it seemed more likely that Altice would seek to consolidate its existing markets, namely France or Israel, to create larger cost savings more quickly.Altice shares were 7.7 percent higher at 124.45 euros by 1122 GMT, hitting all-time highs.
Time Warner Cable Inc. (TWC) is a provider of video, high-speed data and voice services in the United States with clustered cable systems located in five geographic areas including New York State, the Carolinas, the Midwest, Southern California and Texas. Shares of TWC traded higher by 0.31% or $0.49/share to $158.00. In the past year, the shares have traded as low as $128.78 and as high as $161.14. On average, 3299350 shares of TWC exchange hands on a given day and today's volume is recorded at 2429755.
Time Warner Inc. (Time Warner), is a media and entertainment company. Shares of TWX traded higher by 0.48% or $0.41/share to $85.71. In the past year, the shares have traded as low as $65.21 and as high as $88.25. On average, 3739590 shares of TWX exchange hands on a given day and today's volume is recorded at 3650955.