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Altice enters US cable market with Suddenlink buy

French telecommunications group Altice said it agreed to buy Suddenlink Communications in a deal valuing the company at $9.1 billion in order to enter the fast-growing U.S. cable sector.

Altice is buying 70 percent of Suddenlink from existing shareholders BC Partners, CPP Investment Board and Suddenlink management, it said in a statement on Wednesday. BC Partners and CPP Investment Board will retain a 30 percent stake.

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Suddenlink generated $2.3 billion in revenue and over $900 million in earnings before interest, tax, depreciation and amortization (EBITDA) last year, Altice said.

"Our investment in Suddenlink, our first in the cable sector in the U.S., opens an attractive industrial and strategic avenue for Altice in the US, one of the largest and fastest growing communications markets in the world," Altice Chief Executive Dexter Goei said.