European telecoms group Altice (ATCA.AS) said on Monday it had completed the previously announced purchase of 70 percent of U.S. regional cable company Suddenlink from existing shareholders in a deal worth US$9.1 billion.
“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 said in a statement.
It said U.K.-based private equity firm BC Partners and Canada Pension Plan Investment Board (CPPIB) retained a 30 percent stake in Suddenlink.
U.S. regulators approved the deal on Friday.
Update: BC Partners and CPPIB, which jointly acquired Suddenlink in 2012, said in May they would receive proceeds of about US$960 million and a vendor note of about US$200 million as a result of the company’s sale to Altice.
(Reporting by Bate Felix, editing by David Evans)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)
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