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BC Partners, CPPIB to sell 70% of Suddenlink to Altice

BC Partners, Canada Pension Plan Investment Board and other co-investors have agreed to sell a 70 percent stake in Suddenlink Communications to Altice S.A. The transaction implies a total enterprise value of about $9.1 billion for Suddenlink. Once the deal closes, BC Partners and CPPIB will each receive $960 million in proceeds and a vendor note of about $200 million. CPPIB and BC Partners will each retain a 12 percent stake in the company. St. Louis-based Suddenlink is the seventh-largest cable system operator in the United States. LionTree Advisors acted as financial advisor to Suddenlink.

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peHUB First Read

First Read starts your morning with news that Google may reportedly launch a wireless service, BC Partners launches sale of German lab group Synlab and Rolls-Royce CEO John Rishton announces he will retire.

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BC Partners-led group completes take-private acquisition of PetSmart

A BC Partners-led consortium has closed its previously announced buy of pet supply retailer PetSmart Inc for $83 per share. As a result of the transaction, PetSmart will no longer trade on the NASDAQ as of March 11. The other firms that participated in the acquisition include La Caisse de dépôt et placement du Québec, StepStone and Longview Asset Management. J.P. Morgan Securities LLC provided financial advice to PetSmart on the deal.Also, PetSmart President and CEO David K. Lenhardt has stepped down from his duties. Michael J. Massey will replace Lenhardt while Raymond Svider becomes PetSmart’s non-executive chairman of its board of directors.

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PE-backed Springer Science+Business Media to merge with Macmillan Science and Education

Springer Science+Business Media, which is owned by funds advised by BC Partners, has agreed to merge with the majority of Holtzbrinck-owned Macmillan Science and Education. No financial terms were disclosed for the transaction that aims to create a global science and education publishing house. Following the closing of the deal, the newly merged company will be under joint control of Holtzbrinck and funds advised by BCP with Holtzbrinck retaining a 53 percent stake.

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peHUB First Read

First Read kicks off your week with news of a hostage standoff in Sydney, Sony Pictures demands news outlets do not publish their hacked e-mails and an investor group led by BC Partners agrees to epic $8.7 billion acquisition of PetSmart.

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Three Hills Capital Partners’ maiden fund reaches final close

Three Hills Capital Partners has reached a final close of its first fund at the hard cap of 100 million euros ($127 million) reaching the high-end of the initial target. Three Hills Capital Partners was founded in November 2013 by Mauro Moretti, a former partner at Hutton Collins which he joined in 2008 from BC Partners.

First Read April 1
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peHUB First Read

This morning First Read brings you the latest on Blackstone’s next TacOpps fund, how to create international value in private equity deals and why start-ups are burning too much cash.

first read April 29
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peHUB First Read

This Tuesday morning read all about Chicago Teachers’ search for a deputy exec director, an analysis of cross border LBOs and the top five European biotech SMEs.

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