French Investment Company Purchases Controlling Interest in Suddenlink
The largest internet and cable television provider operating in Lubbock and West Texas is being purchased by a French investor.
The Wall Street Journal reports Altice SA, owned by Patrick Drahi, is purchasing a controlling stake in Suddenlink Communications.
Altice will acquire 70 percent of Suddenlink which will value Suddenlink at $9.1 billion, including debt. BC Partners and Canada Pension Plan Investment Board will retain a 30 percent stake in the cable firm.
St. Louis-based Suddenlink is the seventh largest cable company in the U.S.
The WSJ also reports that Altice SA is considering purchasing Time Warner Cable as well.
Suddenlink provides its customers a number of services, including: high-speed internet, cable television with TiVo & video on demand, home phone and home security.