Altice Group has completed the acquisition of 70% of the share capital in US cable operator Suddenlink, following the approval of the Federal Communications Commission (FCC) on Friday. Former Suddenlink investors BC Partners and CPP Investment Board will jointly own a 30% interest in the company, which has now been renamed to Altice USA as planned.
As previously reported by TeleGeography’s CommsUpdate, in May Altice signed a definitive agreement to acquire the majority stake in the US cable operator from BC Partners, CPP Investment Board and Suddenlink’s management for USD9.1 billion. Altice said that the transaction will be financed via USD6.7 billion of new and existing debt, a USD500 million vendor loan note from the two aforementioned stakeholders and USD1.2 billion in cash from Altice; the remainder represents the ‘roll over’ value by BC and CPP.
Suddenlink is the seventh largest cable broadband operator in the US, serving 1.45 million subscribers in Arkansas, Louisiana, North Carolina, Oklahoma, Texas and West Virginia.