BC Partners, Canada Pension join Altice to acquire 30% of Cablevision


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Editor

| 28 October 2015





In the latest stage of Altice's acquisition of Cablevision Systems (CVC), funds advised by BC Partners and Canada Pension Plan Investment Board are to buy 30% of the deal's equity.


The European telecoms giant announced in September 2015 its plans to acquire Cablevision, the No 4 cable MSO in the US which passes over five million homes and serves 3.1 million homes and businesses. The acquisition package also includes Cablevision's enterprise-focused business unit Lightpath, local television news network News 12 Networks and publishing outfit Newsday Media Group, as well as Cablevision's advertising sales division.

The new 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 now said to be fully funded and will likely close in the first half of 2016 once applicable regulatory approvals have been obtained.

Commented Altice CEO Dexter Goei: "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."

"We are delighted to continue to invest in partnership with Altice and CPPIB," added Raymond Svider, co-chairman and a managing partner of BC Partners, "and are highly confident in Altice's ability to further enhance network quality, increase customer satisfaction, and meaningfully improve financial performance at Cablevision."