BC Partners, CPPIB to Sell 70% Stake in Suddenlink at $9.1B EV
May 21, 2015
BC Partners and the Canada Pension Plan Investment Board have agreed to sell a 70% stake in Suddenlink Communications to Altice (AMS: ATC); the transaction implies a total enterprise value of $9.1 billion for the company. Currently the seventh-largest cable system operator in the U.S., Suddenlink offers television, high-speed internet and telephony services to 1.45 million residential and commercial customers. BC Partners, CPPIB, management and other co-investors initially acquired the company in 2012 for a total enterprise value of $6.5 billion. Upon closing of the proposed sale, which is expected towards the end of this year, BC Partners and CPPIB will each receive proceeds of about $960 million, along with a $200 million vendor note. BC Partners' initial investment came from its BC European Capital IX vehicle, which closed on €6.7 billion in early 2012. Altice is a multinational cable and telecommunications company.