Discussions over the sale of Numericable’s cable assets in Belgium and Luxembourg are still ongoing, but the frontrunner has changed, TelecomFinance has learnt.
Sources say that private equity firms are steering clear of the tender because of the…
Discussions over the sale of Numericable’s cable assets in Belgium and Luxembourg are still ongoing, but the frontrunner has changed, TelecomFinance has learnt.
Sources say that private equity firms are steering clear of the tender because of the presence of Belgian cableco Telenet.
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. Initial bids were due on February 24.
Cash rich Telenet is thought to have hired Credit Agricole and Lazard as advisers.
Bankers estimate 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Reports on the deal have suggested that Telenet had withdrawn from the race to acquire the Numericable units, with Walloon cableco Woo and private equity firm Apax the only candidates in the bidding.
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 private equity groups Apax France, Advent and Barclays Private Equity.
Telenet and Numericable declined comment.
