Altice USA said one of its early backers, private equity firm BC Partners, has sold its remaining stake in the cable company. As part of that deal, Altice USA said it repurchased about 6.9 million of those shares from BC Partners for $187 million.
“After the market close today [Aug. 12], funds advised by BC Partners elected to sell approximately 17.3 million Altice USA Class A shares, representing all of their remaining stake in the company,” Altice USA said in a statement Wednesday. “Consistent with Altice USA’s share repurchase program, the company elected to purchase approximately 6.9 million of these shares, for a total consideration of approximately $187 million.”
BC Partners was an early backer of Altice USA and its subsidiary Suddenlink Communications. BC Partners, along with the Canada Pension Plan Investment Board (CPPIB) and Suddenlink management, sold Suddenlink to Altice USA in 2015 for $9.1 billion. In 2016, when Altice purchased Cablevision Systems, BC Partners and CPPIB helped finance that deal, purchasing a combined 30% stake in the company for about $1 billion.
In May, the CPPIB sold its remaining 11.2 million shares in the company, of which Altice USA purchased 2 million shares.
Altice USA shares have been on the rise lately. The stock closed at $27.36 each on Aug. 12, up 1% (29 cents per share). Since July 13, Altice USA shares have risen nearly 18%, or $4.11 each.