Apax France sells Numericable B&L and Cabovisao stakes

Apax held 40% of Benelux-based Numericable B&L and 40% of Portugal-based Cabovisao through the Codilink holding company. The sale of Cabovisao will take place in the coming weeks, while the Numericable B&L transaction is due to complete before the end of 2013.

Altamir Amboise, a listed investor in Apax's funds, will realise proceeds in excess of €60m once both transactions complete. Other financial details for the transaction remain undisclosed.

Apax took a 40% stake in the buyout of cable network company Numericable's Belgian and Luxembourgish operations in Q2 2011, in a deal understood to be worth around €360m. Investment companies Deficom and Altice respectively secured the remaining 20% and 40% of the business. Apax contributed €45m through the €700m Apax France VIII vehicle. Apax and Altice acquired Cabovisao in March 2012.

The GP stated that the holding period was relatively short since all the strategic objectives assigned for both businesses had been met. Numericable B&L continued the development strategy initiated with Numericable and notably grew its triple-play (phone, internet and TV) offers. Cabovisao, meanwhile, successfully refocused its processes and offering following lacklustre performances prior to the acquisition.

Company
Brussels-based Numericable B&L operates cable networks in Bulgium and Luxembourg. It posted a €62m turnover and €38m EBITDA in 2010, prior to the acquisition.

Cabovisao is the second largest cable operator in Portugal with 260,000 subscribers, 905,000 homes covered and a triple-play penetration rate in excess of 60%.

People
Thomas de Villeneuve, Damien de Bettignies and Nicolas Essayan worked on the transaction on behalf of Apax France.

Advisers
Vendor – Baker McKenzie, Bruno Bertrand, Adrien Descoutures (Legal); Cardigos (Legal).
Acquirer – Franklin, Alexandre Marque, Christian Sauer (Legal); Macedo Vitorino & Associados (Legal); Luther (Legal); Atoz (Tax).

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