Altice N.V. announced that funds advised by BC Partners (“BCP”) and Canada Pension Plan Investment Board (“CPPIB”) have entered into a definitive agreement to acquire 30% of the equity of Cablevision Systems Corporation (NYSE: CVC) (for approximately $1.0 billion). This definitive agreement follows the announcement on September 17, 2015 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.
The acquisition of Cablevision is expected to close in the first half of 2016 once applicable regulatory approvals have been obtained.
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,” said 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.”
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Founded by telecom entrepreneur, Patrick Drahi, Altice is a multinational cable, fiber, telecommunications, contents and media company with presence in three regions - Western Europe (comprising France, Belgium, Luxembourg, Portugal and Switzerland), Israel and the Overseas Territories (currently comprising the French Caribbean and the Indian Ocean regions and the Dominican Republic). We provide very high speed based services (high quality pay television, fast broadband Internet and fixed line telephony) and, in certain countries, mobile telephony services to residential and corporate customers.
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