BC Partners, CPP, Management to acquire Suddenlink for $6.6 billion

Telecom Lead America: BC Partners in conjunction with
Canada Pension Plan Investment Board and a management team led by Suddenlink
Chief Executive Officer Jerry Kent will buy Suddenlink Communications for $6.6

Suddenlink’s enterprise value of $6.6 billion includes
$1.985 billion of total equity to be invested by BC Partners, CPPIB, and
certain members of Suddenlink management.

This agreement will allow us to continue to invest in
our infrastructure, new technology, and most importantly, our people. The
injection of fresh, forward-looking capital is a testament to their hard work
and capabilities,” said Jerry Kent, Suddenlink’s Chairman and CEO.

The transactions are expected to close in the fourth
quarter of this year, subject to customary closing conditions, including
receipt of required regulatory approvals.

The transaction amount will be used to acquire the
ownership stake of all holders of Suddenlink’s preferred and common equity, led
by Goldman Sachs Capital Partners and including Quadrangle and Oaktree Capital

The Company will continue to be managed by Cequel III,
LLC, pursuant to the management agreement.

Suddenlink is the seventh-largest cable system operator
in the United States and the leading television and Internet service provider
in its markets.

“Suddenlink is one of the most attractive cable
companies in the U.S. today, with a world-class infrastructure and a dedication
to providing customers with the very best offering and service. We are excited
to be partnering with Jerry Kent and the high quality and experienced
management team he has assembled,” said Raymond Svider, Co-Chairman and
Managing Partner at BC Partners.

In relationship with the acquisition, a newly formed
subsidiary of Suddenlink has entered into a commitment letter with Credit
Suisse for $500 million of senior unsecured bridge loans.

This represents a unique opportunity to acquire a
leading cable operator that has consistently generated industry-leading
results,” said André Bourbonnais, senior VP, Private Investments, CPPIB.

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