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.