Axa PE sells Outremer to Altice

Altice recently announced its intentions to launch an offering of €250m in senior debt alongside a €50m senior revolving credit facility. A portion of these notes were intended for the acquisition of Outremer, according to the firm.

Altice recently acquired a 95.5% stake in Portuguese telecommunications company Oni Telecom for an estimated €83m. The firm acquired its stake from The Riverside Company and family office Gestmin SGPS.

Axa PE originally acquired Outremer in July 2011 via its €1.6bn Axa LBO Fund IV vehicle. The GP bought a 52.3% stake in the take-private deal, which saw Apax France exit the company. Apax had acquired a 60% stake in Outremer in December 2004 and subsequently floated the company on the Euronext Paris stock exchange in February 2007, raising €60m for the business and reducing its stake to 34%.

Company
Founded in 1986 and headquartered in Paris, Outremer acts as a telecoms operator for French overseas regions such as the French West Indies and French Guiana. The company provides internet access, fixed and mobile telephony and video-on-demand services to both residential and business customers. Outremer recorded a €195m turnover in 2012, as well as EBITDA of €60m.

People
Jean-Michel Hegesippe is the CEO of Outremer. Senior managing director Philippe Poletti, director Yann Bak and investment manager Arnaud Tardan worked on the deal for Axa PE. Altice CEO Dexter Goei, business development head Jérémie Bonnin and Harshad Nigudkar represented the firm on the transaction.

Advisers
Equity – Franklin, Alexandre Marque, Christian Sauer, Kai Volpel (Legal).
Company – Weil Gotshal & Manges, David Aknin, Gautier Elies (Legal).
Vendor – Linklaters, Vincent Ponsonnaille, Gauthier Verdon (Legal).

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