Altice One

Luxembourg SC Fund II Dec 2002
Cable TV / Internet operator in Alsace
Company Name:Altice One
Date of investment:December 2002
Date of exit:November 2005
Deal Type:MBI, buy & build
Syntegra Role:Lead investor

business description

  • Cable TV / Internet operator in Alsace (East of France), Brussels, and Luxembourg
  • Altice is a European Cable Venture whose purpose is to acquire, expand and consolidate cable clusters in French-speaking territories in Europe. In 2002, Altice One acquired Est Videocommunication, the leading cable operator in eastern France. Est Videocommunication provides Analog TV, Digital TV and Broadband Internet to more than 170.000 customers. In 2003, Altice completed its second acquisition by adding the Belgian cable operator Coditel to its network. Coditel serves 150.000 customers

transaction strategy

  • Buy & build opportunity in French speaking Europe while large strategic buyers busy with own debt restructuring
    • Experienced management team with strong track record in the cable industry
    • Strong predictable cash flows in double digit growth environment
    • Strategy to restructure operations and benefit from scale from integration of similar businesses
  • Sold to Numericable in November 2005 (Numericable was 70% owned by Cinven and 30% by Altice Three)