Altice ups stake in Numericable to 74.6%

AlticeAltice has bought a 34.6% stake in Numericable from investment firms Carlyle and Cinven, increasing its share in the French cable operator to 74.6%.

Altice will finance the first portion of the deal, representing some 20.6% of Numericable shares, by issuing 24.75 million new ordinary shares on the Euronext Amsterdam.

Immediately after this, Carlyle will own 6.7% and Cinven will own 3.3% of Altice, with both firms entering a “lock up” agreement that means they cannot sell their new Altice shares before September 30, 2014.

The remaining portion of the shares, representing approximately 14% of the 34.6% Numericable shares purchased, will be settled in cash by Altice by the end of January 2015.

The Altice Group is a multinational cable and telecoms company with a presence in France, Switzerland, Israel, Belgium and Luxembourg, Portugal, the French West Indies and Indian Ocean Area and the Dominican Republic.

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