FRANCE - Cinven and Altice to acquire Completel for EUR 724m

The acquisition will be made via Altice B2B, a joint venture, of which Altice owns 51%, and Cinven 49%. Altice B2B will initially acquire 21% of Completel at a unitary share price between EUR 35 and EUR 35.50. An aditional 34% shareholding should subsequently be sold at EUR 25.50 per share.

With 3,400 corporate clients, Completel posted revenues of EUR 233m in 2006, but has been loss-making for several years. However Patrick Drahi, president and founder of Altice, declared in the French press that Completel will become profitable in the final quarter of this year.

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• Buyouts
• France