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Altice increases stake in Numericable to 40%

logo_numericableAltice, the investment vehicle of Patrick Drahi, is to take its stake in French cable operator Numericable up to 40% by acquiring 5% each of the holdings of private equity groups Carlyle and Cinven.

The move, which follows Numericable’s IPO, will take Altice’s holding from 30% to 40%. Carlyle previously held a 26% stake in the operator, while Cinven held a 18% stake.

Altice, has stated that its objective is ultimately to hold a majority stake in Numericable.

“This new acquisition illustrates my confidence in the future of Numericable and in its management. As anticipated in the shareholders agreement with Cinven and Carlyle, the composition of the administrative council will modified at the conclusion of this acquisition to permit Altice’s representatives to hold the majority of votes,” said Drahi in a statement.

Numericable raised €750 million through the sale of 24% of its capital on the French stock exchange.