Altice USA Inc. on Dec. 28 reported the final results of its modified Dutch auction tender offer to repurchase up to $2.5 billion of its class A common stock.

The offer expired at one minute after 11:59 p.m. ET on Dec. 21. Based on the final count, 64,613,479 shares of class A common stock were properly tendered at or below the final purchase price of $36 per share.

At $36 per share, the total purchase price was about $2.33 billion. These shares represent about 18.2% of the company's issued and outstanding shares of class A common stock as of Dec. 21.

Jonathan Chaplin — who leads the U.S. communications services research team for New Street Research, a telecommunications and technology-focused research firm — previously said in a Nov. 23 note to investors that the repurchase program reflects the confidence Altice's management has in the business.

"[The share repurchases] speak to management's confidence in a business that has remained resilient through the pandemic and which will continue to take meaningful share even as the pandemics effects recede," Chaplin said.

The information agent for the offer was D.F. King & Co. Inc. Goldman Sachs & Co. LLC acted as financial adviser to the company in connection with the offer.