TORONTO and NEW YORK – The Canada Pension Plan Investment Board (CPPIB) and funds advised by BC Partners, together with co-investors, announced today that they have committed to approximately 30% of the equity in Altice’s proposed acquisition of Cablevision Systems Corporation, which was announced on September 17, 2015.
“CPPIB and BC Partners are exercising their option to participate pro rata in the Cablevision acquisition as part of CPPIB and BC Partners’ announced agreement to sell a majority stake in Suddenlink to Altice. CPPIB and BCEC IX will each fund 12% of the acquisition in Cablevision, approximately US$400 million each, with the balance funded by co-investors,” says the press release.
Cablevision serves millions of households and businesses throughout the greater New York area. Founded in 1973 by the Dolan family, Cablevision offers a full suite of advanced digital television, voice and high-speed Internet services and valuable local media and programming properties. “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.”
The transaction is expected to close in the first half of 2016, subject to regulatory and other customary approvals.
