Carlyle, Cinven acquire roughly 20% stake in Altice Group

7 Apr 2014

Altice Group, the controlling shareholder in French cableco Numericable Group, has entered into an agreement with its fellow shareholders Carlyle Cable Investment (Carlyle) and Cinven, to acquire the entirety of their respective 21.32% and 13.27% stakes in Numericable in return for cash and minority stakes in Luxembourg-based, Amsterdam-listed Altice. The deal was announced on the same weekend as Altice agreed a transaction to merge Numericable with French rival SFR, subject to regulatory approval.

14% of the combined shareholding capital in Numericable (6.50% for Cinven and 7.50% for Carlyle) will be purchased by Altice Group’s local holding company Altice France for EUR30.50 (USD41.79) per share, while the remainder will be exchanged for shares in the Altice Group; each Numericable share is valued at 0.97 of an Altice share. Following the conclusion of the transaction, Carlyle will take a roughly 13.41% stake in Altice Group while Cinven will acquire approximately 6.57% of the Luxembourg-based telecoms investment group, which also owns stakes in cablecos across Europe, the Caribbean, the Indian Ocean, as well as in Israel. Furthermore, Altice’s stake in Numericable will increase from 40% to 74.6% (although ultimately under a planned merger deal with SFR’s parent Vivendi, Altice’s stake in a newly formed French company SFR-Numericable will be 60%).

France, Luxembourg, Altice Europe (formerly Altice Group), Altice France (SFR)