CPPIB to take $1.16 bln from sale of Suddenlink to European buyer
Private equity firm BC Partners and Canada Pension Plan Investment Board (CPPIB) have agreed to sell a 70 percent interest in Suddenlink Communications, a U.S. cable system operator. The deal, which is expected to close this year, implies a total enterprise value for Suddenlink of about US$9.1 billion. The buyer is Altice SA, a European cable and telecommunications company. Upon the closing of the proposed sale, BC Partners and CPPIB, which jointly acquired Suddenlink in 2012, will each receive proceeds of about US$960 million and a vendor note of about US$200 million. A Reuters report discusses why BC Partners and CPPIB plan to keep minority stakes in the company.
20 May 2015•4 mins read
