Canada Pension Plan Investment Board has sold US$52 million worth of shares in Altice USA, a New York-based broadband communications and video services provider. The deal saw CPPIB exit its investment in Altice USA, which was made with Altice SA‘s 2015 acquisition of Suddenlink.
NEW YORK–(BUSINESS WIRE)–Altice USA (NYSE: ATUS) today makes the following statement following the sale of a portion of Altice USA shares by Canada Pension Plan Investment Board (CPP Investments):
After the market closed today, CPP Investments elected to sell 11.2 million Altice USA Class A shares to a broker dealer pursuant to Rule 144, representing substantially all of their remaining stake in the company. Consistent with Altice USA’s share repurchase program, the company elected to purchase approximately 2.2 million of these shares directly from the broker dealer, for a total consideration of approximately $52 million.
About Altice USA
Altice USA (NYSE: ATUS) is one of the largest broadband communications and video services providers in the United States, delivering broadband, video, mobile, proprietary content and advertising services to more than 4.9 million residential and business customers across 21 states through its Optimum and Suddenlink brands. The company operates a4, an advanced advertising and data business, which provides audience- based, multiscreen advertising solutions to local, regional and national businesses and advertising clients. Altice USA also offers hyper-local, national, international and business news through its News 12, Cheddar and i24NEWS networks.