Axa Private Equity-led OMT Invest has agreed to buy a 52.26% stake in Groupe Outremer Telecom from Apax Partners and founder Jean-Michel Hegesippe for about E133m or E12 per share.
In a release, the company that that chairman, CEO and founder…
Axa Private Equity-led OMT Invest has agreed to buy a 52.26% stake in Groupe Outremer Telecom from Apax Partners and founder Jean-Michel Hegesippe for about E133m or E12 per share.
In a release, the company that that chairman, CEO and founder Jean-Michel Hegesippe would reinvest in the group alongside the OMT Invest management team, and would retain his operational duties.
The acquisition will be partly financed through debt, which is expected to represent about 2.6x EBITDA.
The sellers were advised by BNP Paribas.
Booz & Co carried out the strategic due diligence, PwC the financial due diligence and Linklaters, the legal due diligence. The vendor due diligence was conducted by Deloitte.
Weil, Gotschal & Manges and Oloryn were management advisers.
Euronext-listed Outremer Telecom said OMT Invest would register with the market regulator AMF a simplified takeover bid for the company’s shares not already held at E12 per share. A 33% stake of the company is listed.
A shareholders’ meeting will be called to approve a E3.85 exceptional dividend per share. Shareholders will be able to exchange their shares for E12 cum coupon or E8.15 ex coupon.
The transaction should close by the end of July and the minority share offering is expected to be launched in September.
Outremer Telecom is an alternative operator providing fixed, mobile and internet services in the French overseas regions of Martinique, Guadeloupe, French Guiana, Reunion and Mayotte. The company was granted a 3G licence for Mayotte last week.
In 2010, it posted E188.1m revenues and E47.2m EBITDA.
