PARIS, Jan 7 (Reuters) - European cable operator Altice said its initial public offering of about 25 percent of its share capital was expected to take place in the next four weeks.
The company is owned by founder and chairman Patrick Drahi and its management.
“The proceeds will go uniquely to pay down debt since we don’t believe in keeping cash on the balance sheet in the expectation of doing acquisitions,” said Chief Executive Dexter Goei on a conference call.
The company could easily raise funds later to do acquisitions, he said. (Reporting by Leila Abboud; Editing by Lionel Laurent)