Private equity fund Altice has completed its acquisition of Outremer Telecom, an alternative operator in French overseas territories across the Caribbean and Indian Ocean.
Altice acquired a 67% stake in the telco from French firm Axa Private…
Private equity fund Altice has completed its acquisition of Outremer Telecom, an alternative operator in French overseas territories across the Caribbean and Indian Ocean.
Altice acquired a 67% stake in the telco from French firm Axa Private Equity.
The deal value was not disclosed. Back in 2011 Axa paid €133m for a 52.26% stake it acquired from Apax Partners and founder Jean-Michel Hegesippe.
Altice’s acquisition was funded by part of the proceeds from its recent €250m bond offering, and a draw under Altice’s new US$1bn term loan facility.
Altice CEO Dexter Goei commented: “We are very pleased to have consummated the Outremer acquisition, a strategically significant addition to the global portfolio of assets operated by Altice.”
The acquisitive firm has also expanded its “restricted group” which supports its financing activities and said that the move enabled it to future growth, including the transaction closed today.
Franklin acted as legal adviser to Altice, Weil Gotshal & Manges advised Outremer, and Linklaters advised Axa.
Outremer Telecom provides fixed, mobile and internet services in Martinique, Guadeloupe, French Guiana, Reunion and Mayotte.
Altice already owns Le Cable, an arm of French cableco Numericable which operates in French territories Guadeloupe and Martinique, paving the way for potential consolidation.
Altice has also recently agreed the acquisition of Portuguese telco Oni from two investment firms, however that deal is yet to complete.
The Luxembourg-headquartered fund – controlled by French businessman Patrick Drahi – owns Portuguese cableco Cabovisao, Hot Telecommunications in Israel, and a stake in French/Belgian/Luxembourgian cableco Numericable.
