Media and telecoms company Altice has announced that funds advised by BC Partners (BCP) and Canada Pension Plan Investment Board (CPPIB) will acquire 30 per cent of the equity of Cablevision Systems Corporation (CVC) for $1 billion. This agreement follows the announcement on 17 September of the acquisition of CVC by Altice. The Shareholder’s Agreement between Altice, BCP and CPPIB is on similar terms as the Suddenlink transaction announced in May 2015.
Together with the recent Cablevision debt financing and the Altice equity issuance, the acquisition of Cablevision is fully funded, and is expected to close in the first half of 2016.
Dexter Goei, CEO of Altice, declared: “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.”
“This is an attractive opportunity to invest in a sector that we know well,” commented Shane Feeney, managing director, head of direct private equity, CPPIB. “We are pleased to further expand our relationship with Altice, a best-in-class cable operator, and BC Partners, a longstanding fund partner.”
Raymond Svider, co-chairman and a managing partner of BC Partners, added “We are delighted to continue to invest in partnership with Altice and CPPIB, and are highly confident in Altice’s ability to further enhance network quality, increase customer satisfaction, and meaningfully improve financial performance at Cablevision.”
Founded by telecom entrepreneur, Patrick Drahi, Altice is a multinational cable, fibre, telecommunications, contents and media company with presence in western Europe, Israel, the French Caribbean and the Indian Ocean regions, and the Dominican Republic.