CPPIB, BC Partners to reduce stake in Altice USA’s $1.35bn IPO

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Cable operator Altice USA, which is backed by BC partners and the Canada Pension Plan Investment Board, is looking to raise about $1.35bn through its upcoming IPO.

The company has launched an IPO of more than 46.55 million shares of Class A common stock, which is expected to be priced at $27 to $31 per share.

At the top end of the price range, the company could nab up to $1.6bn in proceeds, with the IPO expected to value the business at between $20bn and $22bn.

About three quarters of the shares sold will be offered by London-based private equity firm BC Partners and fellow stakeholder CPPIB.

Upon completion of the IPO, Altice USA’s parent and its affiliates will hold 75.2 per cent of the company’s capital, while BC Partners and CPPIB would jointly own about 17 per cent of Altice USA according to a filing with the U.S. Securities and Exchange Commission (SEC).

Altice USA, which was created by Netherlands-based Altice through the purchases of Cablevision and Suddenlink Communications, reportedly launched the IPO in April.

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