Luxembourg-based private equity firm Altice Group has entered into an agreement to acquire additional shares in French cable operator Numericable from fellow shareholders Cinven and Carlyle, thus increasing its share capital and voting rights in the cableco to 40%. According to a company press release, the acquisition is subject to an anti-trust approval by the Autorite des Marches Financiers (AMF) and is expected to be finalised in the first quarter of 2014. Further, once approval is secured, Altice will become the parent company of Numericable, and the unit’s results will be consolidated with Altice’s other subsidiaries, as part of the Altice Group.
Altice founder Patrick Drahi commented: ‘Bringing together all of our key investments in the telecoms space under Altice Group will strengthen our ability to advance our global strategic vision, enabling us to implement best practices across our international portfolio of companies and realise operational synergies. The combination of our controlling stake in the Numericable Group with the Altice VII Restricted Group under one corporate parent is in line with our strategic objectives and will maximise our flexibility of access to the capital markets to finance future growth.’
As previously reported by TeleGeography’s CommsUpdate, the trading of securities started on 8 November 2013, and generated strong demand from both French and international institutional investors. Previously, in September 2013 Numericable confirmed that it planned to list between 20% and 40% of its capital as part of an IPO, and registered its ‘core documents’ with the AMF. Deutsche Bank and JPMorgan are acting as the joint book-runners for the IPO.