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May 22, 2015
NEW YORK, May 22, 2015 — Covington advised European telecommunications company Altice S.A. (Euronext ATC) in a $9.1 billion deal to acquire a controlling stake in Suddenlink, the seventh largest cable operator in the U.S.
Under the terms of the agreement, Altice will enter the U.S. cable television and broadband market by acquiring 70 percent of the share capital in Suddenlink from existing shareholders BC Partners, CPP Investment Board and Suddenlink management. BC Partners and CPP Investment Board will retain a 30 percent stake in Suddenlink. The transaction is expected to close in the fourth quarter of 2015 and is subject to regulatory approval.
The Covington team was led by Mace Rosenstein and Peter Laveran-Stiebar, and included Yaron Dori, Jim O’Connell, Mark Plotkin, David Fagan, Scott Naturman and Michael Beder. Covington acted alongside Franklin Law Firm as legal advisor to Altice.