Netherlands-based Altice has filed a public exchange offer with the French Financial Market Authority (Autorite des Marches Financiers, AMF) for all of the remaining shares issued by SFR Group and not currently owned by Altice (equivalent to 22% of all ownership), on the basis of eight new Altice class A shares for five SFR Group shares. Altice said that the exchange offer – which is not subject to any ownership threshold – will ‘simplify the group’s ownership structure and enhance its organisational flexibility’. The proposed transaction, which is expected to close in the fourth quarter of 2016, is subject to approval by the AMF and the Netherlands Authority for the Financial Markets (Autoriteit Financiele Markten, AFM).
SFR Group is 77.77%-owned by Altice Group (Altice SA, headed by French entrepreneur Patrick Drahi), with 0.14% of the shares owned by other members of the board. The remainder of the group capital is floated on the Paris Stock Exchange (Euronext).