Numericable plans IPO

A date has not yet been set for the flotation, but reports say that it may happen as early as November. Numericable intends to list 20-40% of its capital. The IPO would reportedly value the company at approximately €5bn.

The company has filed its plans for an IPO with the Autorité des Marchés Financiers (AMF). The prospectus states that total debt for the company currently stands at slightly more than €3bn. Numericable stated that it will still have significant debt following the flotation, but will work towards repaying its loans.

Last month, the two GPs sought a merger of Numericable with Completel, another French portfolio company of both Cinven's and Carlyle's, which was believed to be in preparation for a potential IPO. The newly formed entity now operates under the name Numericable Group.

Currently, Cinven and Carlyle both own stakes in Numericable of around 37%, while Altice holds a shareholding of 24%.

According to reports, cable and telecoms company Altice, a portfolio company of Cinven's that owns a stake in Numericable alongside the two GPs, will up its stake in the company through the flotation and plans to cover the majority of a €200-250m capital increase planned by Numericable.

Cinven and Altice acquired Numericable in April 2005 for €528m, €350m of which was provided as debt by BNP Paribas and Crédit 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.

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• Topics
• France
• Exits
• Partial sale
• IPO
• France
• Cinven
• Carlyle Group