Altice sells $1 billion Cablevision stake to partners

Altice sells $1 billion Cablevision stake to partners

Altice has agreed to sell a 30% equity stake in Cablevision for $1 billion to BC Partners and Canada Pension Plan Investment Board (CPPIB).

The agreement with the private equity firm and CPPIB means the acquisition of Cablevision is fully funded, confirmed Altice. 

The operator agreed to purchase Cablevision for $17.7 billion in September 2015. It has sold $1.6 billion of new Altice shares and $8.6 billion in Cablevision debt to help finance the deal which is expected to be completed in the first half of 2016.

"We are extremely pleased that BC Partners and CPPIB – our future partners in Suddenlink – have also agreed to invest alongside us in Cablevision and to continue to accompany Altice in its long-term oriented growth and investment strategy in the US," said Dexter Goei, CEO of Altice.

In May 2015, Altice agreed to acquire a 70% stake in Suddenlink for $9.1 billion from BC Partners, CPPIB and Suddenlink’s management for $9.1 billion. Under the agreement, BC Partners and CPPIB will retain a 30% stake in the company.

Shane Feeney, managing director and head of private equity at CPPIB, said: “This is an attractive opportunity to invest in a sector that we know well. We are pleased to further expand our relationship with Altice, a best-in-class cable operator, and BC Partners, a longstanding fund partner.

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