BC Partners Completes Sale of Suddenlink to Altice
Altice N.V. (Euronext: ATC, ATCB) today announced it has completed the acquisition of 70% of the share capital of Suddenlink from existing shareholders BC Partners , CPP Investment Board and Suddenlink management. BC Partners and CPP Investment Board have retained a 30% stake in Suddenlink, as planned. The closing was achieved on Altice's originally stated timeline, following the receipt of all federal and local regulatory approvals.
With this acquisition, Altice has officially entered the large and attractive U.S. cable market, further diversifying and balancing its portfolio of high-quality businesses.
Altice also announced that Jerry Kent, Outgoing Founder, Chairman and CEO of Suddenlink, is reinvesting alongside Altice into Altice USA. Jerry will also become Chairman of a newly formed Advisory Council at Altice USA, the other members of which will be announced later.
Altice also announced its executive leadership team in the United States. Dexter Goei, Chief Executive Officer of Altice Group, will assume the additional role of Executive Chairman of Altice USA. In addition, Altice has announced the appointments of Charles F. Stewart as co-President and Chief Financial Officer of Altice USA, and Hakim Boubazine as co-President and Chief Operating Officer of Altice USA. US operations will be coordinated by Michel Combes, Group COO of Altice, with the rest of the Altice operations in the Group.
Suddenlink is the seventh largest U.S. cable operator, serving 1.45 million residential customers and over 90,000 business customers in 17 states, including Arizona, Arkansas, California, Louisiana, Missouri, North Carolina, Oklahoma, Texas, and West Virginia. It has strong positions in attractive growth markets for both residential and business services, which will benefit from Altice’s global scale, investment, innovation, and technical expertise.
Raymond Svider, co-Chairman and a Managing Partner of BC Partners, commented: "We are delighted that the transaction with Altice has now closed, and look forward to the next chapter in Suddenlink working closely with Patrick, Dexter and their very experienced team."
Dexter Goei, CEO of Altice and Executive Chairman of Altice USA, said: "Altice is very excited to officially acquire its first asset in the United States and welcome Suddenlink and its employees to our international group. Suddenlink is a strong, leading business which we plan to continue to develop and grow through investment in infrastructure, innovation in technology and by integrating best practices from our brands around the world. We look forward to BC Partners and CPP Investment Board continuing as significant Suddenlink shareholders, and thank Jerry Kent and his team for delivering to us a best-in-class business. We also look forward to continuing to work with Jerry as an advisor and benefit from his deep knowledge of the US cable market."