Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised the independent directors of the Board of Directors of Altice USA Inc. in connection with its separation from Altice NV, which will now be renamed Altice Europe.

The separation will be effected by a spin-off of Altice NV’s 62.7 percent interest in Altice USA through a distribution in kind to Altice NV’s shareholders. The transaction includes the approval principle of the payment of a $1.5 billion cash dividend to all Altice USA shareholders prior to completion of the separation, as well as the authorization of a $2 billion share buyback program at Altice USA.

The transaction is expected to be completed by the end of the second quarter of 2018 and is subject to regulatory and shareholder approvals.

The Freshfields team was led by New York partners Peter Lyons and Aly El Hamamsy and included senior associate Paul Humphreys.