Private equity firms Carlyle and Cinven are reported to have sold 7.5 million shares in Altice, reducing their combined stake in the telecoms holding by 3%.
The placement sent shares in Altice tumbling 3.9% overnight, down to around €46 apiece.
This…
Private equity firms Carlyle and Cinven are reported to have sold 7.5 million shares in Altice, reducing their combined stake in the telecoms holding by 3%.
The placement sent shares in Altice tumbling 3.9% overnight, down to around €46 apiece.
This was still higher than the reported €45 to €45.50 per share price range that the PE houses were selling at, according to a newswire report citing a statement from Goldman Sachs, which managed the accelerated bookbuild alongside JP Morgan.
That price range equated roughly to a 6% discount on Altice’s closing price on 17 November.
The two firms have owned Altice stock only for a few months. At the end of July, Carlyle received 6.7% of the group while Cinven got 3.3% in exchange for their remaining shares in Altice subsidiary Numericable, which both firms were long-term investors in.
The firms raised in the region of €340m from the latest sell-off.
Altice is currently battling it out with two other private equity firms, Apax and Bain, to acquire the operations of Portugal Telecom, which is owned by indebted Brazilian telco Oi.
Oi’s interim CEO Bayard gontijo was quoted as saying that the offers received, which are both around the €7bn mark, are “interesting” but “could be improved”.
