Investors, management to buy cable co. Suddenlink
The company that runs the St. Louis-based cable provider Suddenlink Communications has agreed to sell itself to its management and other investors who will invest about $2 billion in the company.
Investors BC Partners and the Canada pension plan's CPP Investment Board are joining with Suddenlink managers including Chairman and CEO Jerry Kent in the deal to buy Cequel Communications Holdings L.L.C.
Cequel's previous ownership group included Goldman Sachs Capital Partners, Quadrangle and Oaktree Capital Management. The deal values the company at $6.6 billion, including debt.
Suddenlink is the seventh-largest cable system operator in the U.S. and mainly serves Texas, West Virginia, North Carolina, Oklahoma, Arkansas and Louisiana. It has more than 1.4 million customers.
The deal is expected to close in the fourth quarter and is subject to regulatory approval.