French cable and telecommunications provider Altice SA Monday announced that on April 5, it entered into an agreement with Carlyle Cable Investment SC and CCI (F3) S.a.r.l to acquire their about 34.6 percent stake in Numericable Group.
Carlyle Cable Investment SC is an affiliate of private-equity giant Carlyle Group L.P. (CG), and CCI (F3) S.a.r.l is an affiliate of Cinven Group Ltd.
Altice, the controlling shareholder of Numericable, would buy 21.32 percent stake from Carlyle and 13.27 percent stake from Cinven Group Ltd. for a price of 30.50 euros per share payable in cash and for the remainder by a contribution in kind, renumerated in shares of Altice, i.e., one share of Numericable for 0.97 share of Altice.
This acquisition will be implemented for up to approximately 14 percent of the share capital of Numericable, i.e., 6.50 percent for Cinven and 7.50 percent for Carlyle.
Upon this transaction, Altice's stake in the share capital and voting rights of Numericable will increase to 74.6 percent from 40 percent.
Altice said the acquisition would end, at its completion, the majority concert of these three shareholders, in place since the listing of Numericable Group.
The completion of the deal is subject to obtaining an exemption from the French Autorité des Marchés Financiers from the obligation to launch a public tender offer on all Numericable Group securities.
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