Numericable and Completel owners seek merger

The two firms, which own the businesses alongside the Cinven-backed cable and telecoms company Altice, have hired BNP Paribas, Deutsche Bank and JP Morgan to manage the process, Reuters reported.

The merger is reportedly being sought to pave the way for a possible IPO during 2013. The owners of Numericable hired Rothschild earlier this year, according to Reuters, to manage a potential flotation of the company on the Paris stock market.

Cinven and Altice acquired Numericable in April 2005 for €528m, €350m of which was provided as debt by BNP Paribas and Credit Agricole Corporate & Investment Bank, according to unquote" data. Cinven claimed a 50.01% stake in the company, while Altice took a 10.01% shareholding. The remaining shares were held equally by France Télécom and Canal+ Group.

Cinven and Altice then acquired a 55% stake in listed company Completel in August 2007 for approximately €723m. In December of the same year, Carlyle bought a 35% stake in the business at the same time that it acquired a 35% stake in Numericable from Cinven. According to unquote" data, the GP paid €700m for its stake in Numericable and paid more than €1bn overall for its stakes in both businesses. Carlyle took control of 21% of Altice's stake and 14% of Cinven's in Completel.

The deals gave both businesses a joint value of €2.86bn. In January 2008, the consortium embarked on a buyout of Completel to take it fully private.

Numericable was founded in 1995 and is based in Paris. The company recorded turnover of €874m for 2012, as well as an EBITDA of €456m. Numericable is a French cable operator, providing television packages, internet and telephone services.

Formed in 1998, Completel is headquartered in Puteaux, just outside of Paris, and generated turnover of €507m. The company provides fibre-optic broadband across France to corporate customers.

Cinven declined to comment on the possible merger and IPO. Carlyle was not yet available for comment.

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