Altice closes Suddenlink deal, names US management team

Cable and telecom investor Altice closed its acquisition of a 70% stake in US cable operator Suddenlink before Christmas, following regulatory approval.

The deal leaves BC Partners, CPP Investment Board and Suddenlink management with a 30% stake in the seventh-ranked operator.

Jerry Kent, outgoing founder, chairman and CEO of Suddenlink, is to invest, alongside Altice, in Altice USA, the company’s new US unit. Kent will also become chairman of a newly formed advisory council at Altice USA.

Dexter Goei, CEO of Altice Group, will take on the additional role of executive chairman of Altice USA. Charles F Stewart will serve as co-president and chief financial officer of Altice USA, and Hakim Boubazine will serve as co-president and chief operating officer. US operations will be coordinated with other Altice operations by Michel Combes, Group COO of Altice

Separately, Altice-owned Portugal Telecom has secured the rights to the matches of leading Portuguese football club FC Porto for €457.5 million for 10 years beginning in July 2018. Rights cover the club’s home matches. The deal also makes Portugal Telecom the club’s sponsor for seven years from 2016 and gives the telco the retransmission rights to the club’s TV channel, Porto Canal for 12 years, also from 2016.