Cinven has completed the acquisition of Altice One, the French cable operator. The European buyout house has acquired a 70 percent stake in the company, while its founder shareholders retain a stake of 30 percent.
Although the firm could not be reached for comment, reports citing sources close to the deal suggest that the total consideration for the transaction is between €400 million and €500 million ($473 million and $591 million).
Altice One provides digital and analogue television, broadband telephone and internet services to 340,000 customers through its subsidiaries Est Videocom in Alsace and Coditel in Belgium and Luxembourg. It has a turnover of approximately €75.4 million.
The company was founded in 2002 by SG Capital Europe, French industrial group Pechel Industrie, and a group of private investors.
The deal compliments Cinven’s existing investment in Numéricable, the cable operator formed from the cable operations of France Télécom SA and Vivendi Universal SA which Cinven and Altice One teamed up to buy for €528 million last March.
In a statement, Cinven partner Pascal Heberling said: “Together the two companies represent 4.75 million connections and almost 2.5 million revenue generating units, making this the largest Francophone cable network in Europe.”
In other news, the Financial Times reports that Cinven has joined Apollo, BC Partners and Silver Lake Partners to bid for Danish telephone operator TDC.
A rival bid from Nordic Telephone Co, a Copenhagen-registered holding company owned by Apax, Blackstone, Kohlberg Kravis Roberts, Permira and Providence, is reported to have valued the company’s equity at $11.5 billion. With debt this would give the company an enterprise value of $15 billion, making it the largest European buyout yet seen.