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Altice acquires a 34.6% stake in Numericable from Carlyle and Cinven [TeleGeography CommsUpdate](TeleGeography CommsUpdate Via Acquire Media NewsEdge) Luxembourg-based Altice Group has announced that its wholly-owned holding company Altice France has acquired a 34.6% share in domestic broadband provider Numericable from private investment firms Carlyle Group and Cinven, thus increasing its stake in the French operator to 74.6%.*As previously reported by TeleGeography's CommsUpdate, in April 2014 Cinven and Carlyle agreed to exchange their combined holdings in Numericable for cash and shares in controlling shareholder Altice, ahead of the company's merger with SFR. *A portion of the newly acquired shares (20.6%) will be financed by the issuance of 24,751,873 new ordinary shares by Altice Group; following the listing, Altice Group's total number of shares outstanding will be 247,722,490 and Carlyle and Cinven will own 6.7% and 3.3% of Altice, respectively. The two investment funds have entered into a 'lock-up' agreement and cannot sell their Altice Group shares before 30 September 2014. The purchase of the remainder (14%) of Numericable's newly purchased shares will be settled in cash by Altice France by 31 January 2015. (c) 2014 PriMetrica, Inc. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |