By Leisa Zigman I-Team Reporter
St. Louis (KSDK) - St. Louis based Cequel Communions, which does business as Suddenlink Communications, has been sold for $6.6 billion.
Its chairman and CEO, Jerry Kent, has been called the cable industry's man with the Midas touch helping to turn Charter Communications into an industry giant.
In 2002, he founded Cequel which is now the seventh largest cable operator in the nation.
BC Partners based in Europe and CPP Investment in Canada will acquire Suddenlink. Kent other managers are also putting up equity to help fund the purchase.
There are 260 employees based in St. Louis and a total of 6,000 employees nationwide. Kent said the sale will lead to more aggressive investment in infrastructure, new technology and jobs.
He explained the new investors will infuse about $2 billion into St. Louis based Cequel and that could ultimately lead to new jobs. Mr. Kent said, "With this alignment of our investors we are looking to do new acquisitions and with those acquisitions comes growth opportunity and jobs for St. Louis. I might add, despite the recession nationwide, our company has been growing at about 3 percent every year."
Kent says the headquarters will remain in St. Louis.
He is one of the new principal owners of the St. Louis Blues hockey team.