Altice France ups its direct stake in Numericable to 40%

9 Jun 2014

Altice France, a subsidiary of Luxembourg-based investment fund Altice Group, has finalised the acquisition of a 2.6% stake in Numericable from Pechel Funds and Five Arrows Funds. According to a press release, Altice France, which is the majority shareholder in Numericable, bought 2.643 million shares from Pechel and 604,207 from Five Arrows at a price of EUR31.41 (USD42.85) per share, for a total cash consideration of EUR121.5 million. Altice exercised the call options granted by Pechel and Five Arrows on 7 November 2013, while the purchase was funded by increased indebtedness at Altice France.

As a result of the acquisition, Altice France now directly owns 40% of the shares in Numericable Group; further, the shareholders’ agreement between Altice France, Pechel and Five Arrows, in place since the initial public offering (IPO) of Numericable Group in November 2013, has now been terminated.