Altice Closes on Suddenlink
LUXEMBOURG – Altice N.V. (Euronext: ATC, ATCB) today announced it has completed the acquisition of 70% of the share capital of Suddenlink from existing shareholders BC Partners, CPP Investment Board and Suddenlink management. BC Partners and CPP Investment Board have retained a 30% stake in Suddenlink, as planned. The closing was achieved on Altice’s originally stated timeline, following the receipt of all federal and local regulatory approvals.
With this acquisition, Altice has officially entered the large and attractive U.S. cable market, further diversifying and balancing its portfolio of high-quality businesses.
Altice also announced that Jerry Kent, Outgoing Founder, Chairman and CEO of Suddenlink, is reinvesting alongside Altice into Altice USA. Jerry will also become Chairman of a newly formed Advisory Council at Altice USA, the other members of which will be announced later.
Altice also announced its executive leadership team in the United States. Dexter Goei, Chief Executive Officer of Altice Group, will assume the additional role of Executive Chairman of Altice USA. In addition, Altice has announced the appointments of Charles F. Stewart as co-President and Chief Financial Officer of Altice USA, and Hakim Boubazine as co-President and Chief Operating Officer of Altice USA. US operations will be coordinated by Michel Combes, Group COO of Altice, with the rest of the Altice operations in the Group.
Suddenlink is the seventh largest U.S. cable operator, serving 1.45 million residential customers and over 90,000 business customers in 17 states, including Arizona, Arkansas, California, Louisiana, Missouri, North Carolina, Oklahoma, Texas, and West Virginia. It has strong positions in attractive growth markets for both residential and business services, which will benefit from Altice’s global scale, investment, innovation, and technical expertise.