Altice, Cinven to acquire Completel (France)

Altice B2B France, a private equity venture controlled by Altice and Cinven, have agreed to acquire 55 percent of French carrier Completel, valuing the group at EUR 660 million. Altice and Cinven already control France’s largest cable TV operator Numericable, and the deal could see the cable company expand its footprint to new areas by using Completel’s DSL network. Altice B2B France has agreed to acquire an initial 21 percent of Completel at EUR 35-35.50 per share, and then another 34 pct at EUR 35.50 per share, according to news wire reports. Once these two deals are completed, expected by mid-September, a public bid for the remaining shares will be launched at EUR 35.5 per share. Completel specialises in business and wholesale services. It generated a net loss of ERU 38 million last year on sales of EUR 233 million.

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