Altice USA co-owners sell 20m shares; reduce stake to 4.4%

12 Sep 2019

Altice USA – which comprises cablecos Cablevision (Optimum) and Suddenlink – has confirmed that two of its long-term investors, funds advised by BC Partners (BCP) and Canada Pension Plan Investment Board (CPPIB), have elected to sell 20 million Altice USA Class A shares, representing approximately 40% of their combined stake in the company.

Consistent with Altice USA’s share repurchase programme, the company elected to purchase approximately 1.8 million of these shares for a total consideration of approximately USD50 million. Following these transactions, BCP and CPPIB together own approximately 4.4% of Altice USA.

TeleGeography notes that BCP and CPPIB’s involvement in the US cable sector pre-dates that of Altice itself; the funds owned Suddenlink prior to its USD9.1 billion sale to Altice in December 2015 and retained a 30% stake following the original sale. The two funds went on to acquire a 30% stake in Cablevision, prior to the formation of Altice USA.

United States, Altice USA (incl. Optimum, Suddenlink), Cablevision Systems (Optimum), Next Alt, Suddenlink Communications