Altice on Monday announced the completion of its US$9.1 billion acquisition of U.S. cable operator Suddenlink.
As it announced in May, the French cable group has acquired a 70% in Suddenlink, leaving existing owners BC Partners, CPP Investment Board and the Suddenlink management with the remainder.
"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.
"Altice is very excited to officially acquire its first asset in the United States and welcome Suddenlink and its employees to our international group," added Altice group CEO Dexter Goei.
Suddenlink may be Altice’s first U.S. asset but is unlikely to be its last. In September the French firm announced the $17.7 billion acquisition of Cablevision, and subsequently restructured the deal along the same lines as the Suddenlink transaction, leaving its co-investors with a 30% stake. It expects the deal to close in the first half of next year.
Altice has set up a new advisory council to oversee its Altice USA arm, which will include Jerry Kent, founder, CEO and chairman of Suddenlink. It will announce the other members at a later date.
Goei will head up Altice USA as executive chairman, while Charles Stewart and Hakim Boubazine will serve as finance chief and chief operating officer respectively. Group COO Michel Combes will coordinate operations in the US., Altice said.
Suddenlink is the seventh largest U.S. cable operator, Altice said, with 1.45 million residential customers and 90,000 business customers in 17 states.
"Suddenlink is a strong, leading business which we plan to continue to develop and grow through investment in infrastructure, innovation in technology and by integrating best practices from our brands around the world," Goei said.
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