The deal, previously announced on April 7, has been undertaken through Altice France, a wholly owned subsidiary of Altice.
According to Altice, a first portion, representing approximately 20.6% of Numericable shares out of the 34.6% purchased, will be financed by the issuance of 24,751,873 new ordinary shares by Altice, which has applied for the listing of these shares on Euronext Amsterdam N.V. The listing is expected to take place today (July 25).
The new ordinary shares of €0.01 in the capital of Altice will be subscribed for by Carlyle and Cinven in exchange for the contribution in kind to Altice. of, in aggregate, 25,517,396 shares in Numericable.
This represents a stake of 20.6% in Numericable, which Altice S.A. will transfer on the same date to Altice France.
Immediately following this listing, Altice’s total number of shares outstanding will be 247,722,490 and Carlyle will own 6.7% and Cinven will own 3.3% of Altice. Carlyle and Cinven have entered into a “lock up” agreement and cannot sell their new Altice shares before September 30 this year.
The remaining portion, representing approximately 14% of Numericable shares out of the 34.6% purchased, will be settled in cash by Altice France by January 31, 2015.
Altice has already financed the cash for this transaction from its equity capital increase on June 24.
Following these two transactions, Altice France’s stake in the share capital of Numericable increases from 40% to 74.6%.