Cinven, Caryle and Altice Group, private equity owners of French cable company Numericable, have hired Rothschild to lead an initial public offering (IPO) of their jointly owned company on the Paris Stock Exchange, with plans to appoint three additional banks in the following weeks, Reuters reported. In March 2008 Carlyle Group invested EUR1.1 billion (USD1.7 billion) in Numericable by purchasing a 37.8% stake from Altice and Cinven, which left Cinven with 35% of Numericable while Altice controlled 27%. According to sources familiar with the matter though, Cinven is keen to exit the company’s ownership, while Altice and Carlyle are allegedly planning to retain their shares.
As previously reported by TeleGeography’s CommsUpdate, Carlyle, Cinven and Altice contacted banks to get advice on Numericable’s IPO in April 2013, with the company evaluated at approximately EUR4 billion (USD5.3 billion) at the time. The private equity owners were initially in discussion with French media group Vivendi about a multibillion merger of the cable company with Vivendi’s SFR telecoms business, although talks between the involved parties stalled in February 2013.