Altice agrees to acquire additional shares in SFR

17 Oct 2016

Netherlands-based Altice Group (Altice SA, headed by French entrepreneur Patrick Drahi) has agreed to acquire 23.072 million SFR Group shares (equivalent to 5.21% of all outstanding SFR Group shares) in private off-market transactions. Altice will deliver to the sellers an aggregate number of 36.916 million Altice class A shares which it held previously as treasury shares, on the basis of eight Altice class A shares for five SFR Group shares. Following the settlement of these transactions, Altice will hold directly and indirectly 82.94% of the capital and 82.93% of the voting rights of SFR Group.

As previously reported by TeleGeography’s CommsUpdate, in September 2016 Altice offered to acquire the remaining 22% of SFR’s shares in order to ‘simplify the group’s ownership structure and enhance its organisational flexibility’, though the exchange offer – which was not subject to any ownership threshold – was blocked by France’s Financial Market Authority (Autorite des Marches Financiers, AMF) earlier this month.

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