PE firms are steering clear of the tender for Numericable’s cable assets in Belgium and Luxembourg because of the presence of cableco frontrunner Telenet, TelecomFinance has learnt.
However, they could soon return if competition issues block a deal with…
PE firms are steering clear of the tender for Numericable’s cable assets in Belgium and Luxembourg because of the presence of cableco frontrunner Telenet, TelecomFinance has learnt.
However, they could soon return if competition issues block a deal with Telenet, according to two bankers close to the process.
The sources add that a deadline has not been set for the sale process, which is being managed by Rothschild.
Rumours had pointed to an original deadline of 24 February.
Cash-rich Telenet is thought to have hired Credit Agricole and Lazard as advisers.
Bankers estimate that private equity-backed Numericable’s sale, which would allow a cableco like Telenet to expand north of Belgium, could be worth E300-E350m.
Reports on the deal have suggested that Telenet had withdrawn from the race to acquire the Numericable units, with Walloon cableco Woo and PE firm Apax the only candidates in the running.
But this was flatly denied by one source, who insisted the group was “definitely still in the negotiations”.
In a separate report, Duco Sickinghe, CEO of Telenet, which operates in Flanders and Brussels, is cited welcoming opportunities to partner with Woo to cover more of Belgium.
It is not clear whether such partnerships could include a joint bid in for Numericable’s assets.
Other potential candidates could logically include PE groups Apax France, Advent and Barclays Private Equity.
Telenet and Numericable declined comment.
