Altice Seeking $1 Billion Stock Market Listing
Published on: 8th Jan 2014
By: Ian Mansfield
Luxembourg based Altice Group has confirmed that it is to seek a listing on the Amsterdam stock exchange in a move that will raise around USD1 billion.
Altice is a Luxembourg based company, founded by telecom entrepreneur Patrick Drahi. Altice and its affiliates currently regroup and operate cable, mobile, DSL and datacentre companies in France, Israel, Belgium, Luxembourg, the Caribbean, Indian Ocean, Portugal and Switzerland.
It recent bought Orange Group's Dominican Republic subsidiary as part of a consortium for USD1.4 billion.
Patrick Drahi, Executive Chairman of Altice, said: "This is the right time for Altice to list given our strong track record of growth and excellent cash flow generation. This listing will provide investors with the opportunity to acquire an interest in a high-quality multinational cable company with a proven track record of value-creative M&A and a strategy to explore value-creative M&A opportunities going-forward."
The listing is expected to take place next month, subject to the necessary regulatory approvals. If completed, around a quarter of the company's shares will be listed, with the rest held by Drahi and its management.