Private equity owners consider IPO of Numéricable

Proposals are to be submitted in May for the Numéricable listing, which could value the firm at approximately €4bn.

The listing could see Cinven exit the firm, while Carlyle and cable operator Altice could remain in the company's shareholding.

Numéricable is the only cable operator in France and covers around a third of households. The firm offers pay-TV, internet and fixed-call packages.

In 2005, Cinven and Altice agreed to acquire the cable assets of France Télécom and Vivendi Universal for a total consideration of €528m. The senior debt facilities, equivalent to two thirds of the deal value, were arranged and underwritten by BNP Paribas and Calyon.

The GP seemed particularly enamoured with the sector that year; a few months later, Cinven completed the SBO of cable operator Altice One from SG Capital Europe, Pechel Industries and Altice Participations. The deal value was estimated at €500-550m.

In 2008, Cinven partially exited Numéricable when Carlyle completed the leveraged buyout of the firm, acquiring a 35% stake. Cinven retained a 35% stake, with Altice holding the balance. Carlyle made the highest offer, which was enough to secure the deal over competing bids from Providence, TPG and PAI partners.

Cinven and Carlyle declined to comment. Altice could not be reached for comment.

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• Topics
• France
• Cinven
• Carlyle Group
• France