Patrick Drahi’s Altice investment vehicle plans to increase its stake in French cable operator Numericable from 24% to about 30% after its IPO, Drahi has announced.
The move will make Altice Numericable’s principal shareholder. According to Reuters, Numericable’s two other shareholders, private equity groups Cinven and Carlyle, will divest a part of their shares during the IPO process, with the number of shares to be publicly floated yet to be determined.
Drahi said that his investment, within the framework of the company’s flotation, demonstrated his confidence in the future of the group and his intention to be a long-term participant.
Numericable’s IPO, expected to take place within the next month, could reportedly value the company at up to €5 billion.