Altice USA (NYSE:ATUS) is up 2.4% postmarket after announcing it will sell 49.99% of its Lightpath fiber enterprise business to Morgan Stanley Infrastructure Partners (NYSE:MS).

The cableco will receive total gross cash proceeds of about $2.3B from the sale and related financing; net cash proceeds are about $1.1B after tax and initial debt repayment.

All in all it implies an enterprise value of $3.2B, about 14.6x fiscal 2019 EBITDA, and 25.7x operating free cash flow.

Altice USA will keep the 50.01% to maintain control of the company.

The transaction is expected to close in Q4.


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