June 7, 2019 / 12:01 PM / 4 months ago

BUZZ-Altice USA: Slips as BC Partners, Canada Pension Plan continue cutting the cord

** Cable TV provider Altice USA Inc down 2.3% to $24.45 as top investors cut about one-third of their combined stake

** European buyout fund BC Partners and Canada Pension Plan Investment Board (CPPIB) sell 25 mln ATUS Class A shares, reducing their combined ownership stake to ~7.4%

** Altice to buy ~6 mln of the shares, roughly $150 mln worth

** Sources say Credit Suisse re-offered block of ~19 mln shares (~3% of outstanding) at $24.65, a 1.5% discount to stock’s Thurs close

** In late Feb, BC and CPP sold 34 mln shares and ATUS repurchased 7 mln of those shares; JP Morgan re-offered remainder, 27 mln shares, at $21.50

** And less than 2 weeks later Morgan Stanley re-offered another 13.5 mln shares at $21.35 in an unregistered block

** Separately, Altice USA late Thurs also announced completion of its acquisition of digital-first news co Cheddar

** ATUS has risen 52% YTD but stock still languishing below the $30 Jun 2017 IPO price

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