Luxembourg-based Altice is “seriously looking” at an initial public offering in 2014 according to an IFR report citing market sources.
The rapidly-expanding telecoms holding is currently offering a US$1.7bn bond package – led by Goldman Sachs –…
Luxembourg-based Altice is “seriously looking” at an initial public offering in 2014 according to an IFR report citing market sources.
The rapidly-expanding telecoms holding is currently offering a US$1.7bn bond package – led by Goldman Sachs – to investors as it looks to fund its two recent acquisitions in the Dominican Republic.
Altice has been preparing the ground for a flotation for the last six months as it looks to raise cash for further expansion, an unnamed banker close to the company told IFR.
In a bondholder call, Altice management was quoted as saying it was “seriously looking” at an IPO next year, according to a high-yield investor cited in the report.
Altice has reportedly been adjusting its corporate structure in preparation for a listing, with the creation of Next LP to hold Altice and its 40% Numericable stake. Shares in that entity would be offered to the public, the report said.
The Numericable stake is worth around €1.5bn based on the French cableco’s share price. In its Q3 results, Altice reported €1.47bn in pro forma consolidated revenues and €573m pro forma consolidated EBITDA.
The acquisitive company agreed to buy mobile operator Orange Dominicana last week from Orange for €1.1bn, adding to its purchase of Dominican Republic triple-play telco Tricom just over a month ago.
Founded by French investor Patrick Drahi, Altice has made several acquisitions this year, including Reunion island-based Mobius Group, Outremer Telecom, and Portuguese telco Oni.
It has become a specialist in entering markets and executing consolidation deals.
Altice also has operations in Israel, Belgium, Luxembourg and Switzerland.
