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Numericable’s private equity backers mull IPO

18 Apr 2013

france french eiffel towerNumericable‘s private equity owners are reportedly looking into the possibility of floating the French cable television company.

Cinven, Carlyle and Altice Group have asked about 10 banks to submit proposals on a potential listing in May according to Reuters, which cited three people with knowledge of the plan.

It said the firms would then pick three banks to work on a share sale.

Numericable, together with its high-speed broadband unit Completel, could be worth €4bn to €5bn based on eight times its 2011 profits of €602m, according to the report.

Cinven is looking to exit its stake in Numericable via the IPO, while Carlyle and Altice are expected to keep their stakes, the sources said. One of them said the flotation is one of the options currently under consideration.

Other options are believed to include a merger with French fixed and mobile player SFR, which would result in significant cost savings.

One of the people said the merger would be the best option for Carlyle and they’ll “stay on board only if the listing is compatible with an SFR deal”.

Numericable was in talks about a merger with Vivendi, but the sides failed to agree on valuation and deal structure.

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