Telecoms investment firm Altice will buy additional shares in cableco Numericable, boosting its current stake from 30% to 40%.
The shares will be acquired from private equity firms Cinven and Carlyle, which own 26% and 18% respectively of the company at…
Telecoms investment firm Altice will buy additional shares in cableco Numericable, boosting its current stake from 30% to 40%.
The shares will be acquired from private equity firms Cinven and Carlyle, which own 26% and 18% respectively of the company at the moment.
The move will make Altice Numericable’s parent company as it will give it a majority of votes in the board of directors. The cableco will be consolidated with the ‘Altice VII Restricted Group’.
French businessman and Altice founder Patrick Drahi commented: “Bringing together all of our key investments in the telecommunications space under Altice 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 firm recently increased its Numericable stake from 24% to 30% in the cableco’s €750m IPO. About 24% of the company’s stock is now in free float.
Numericable hailed the IPO a success earlier this month when the offering was more than 10 times oversubscribed, with strong demand from French and institutional investors. The listing price was set at the top end of the initial €20.30-€24.80 range.
Commenting on Altice’s plan to further boost its stake in the cable, its CEO Dexter Goei said: “The increase in our position in the Numericable Group affirms our commitment to the growth of our French business. The consolidation of the two groups under the Altice umbrella continues the transformation of Altice into a global cable and telecommunications company.”
Altice has made several acquisitions this year, including Reunion island-based Mobius Group, Outremer Telecom, Portuguese telco Oni and Dominican Republic-based operator Tricom.
