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Cinven, Carlyle, Altice could merge Numericable, Completel ahead of IPO

29 Aug 2013

telecoms6_sqThe private equity owners of French cable company Numericable and telecoms group Completel are reportedly looking to merge the businesses ahead of a potential IPO later this year.

Cinven, Carlyle and Altice bought Numericable in 2006 and Completel a year later, and have now hired BNP, Deutsche Bank and JP Morgan to run the merger process according to Reuters.

It cited banking sources as saying that the investment banks had a call with Numericable’s lenders yesterday to seek a waiver and allow a merger with the option of a future stock market listing.

That merged company could be worth up to €5bn based on a multiple of eight times core earnings for both businesses, Reuters added.

In June Cinven, Carlyle and Altice hired Rothschild to prepare for Numericable’s expected IPO on the Paris stock exchange this year.

The trio asked about ten banks to submit proposals for a potential listing earlier this year, and have now made their choice according to Reuters, which cited four sources with knowledge of the plan.

Cinven is looking to exit its stake in Numericable via the IPO, while Carlyle and Altice are expected to keep their stakes.

London-headquartered buyout house Cinven and US peer Warburg Pincus recently made an IRR of 25 per cent exiting Dutch cable company Ziggo.

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