Altice Two / Three

Luxembourg SC Fund II May 2005
Leading French cable TV / Internet / telephone operator in France
Facts
Company Name:Altice Two / Three
Location:Luxembourg
Sector:TTM
Date of investment:March 2005
Date of exit:March 2008
Deal Type:MBI, buy & build
Syntegra Role:Initiated transaction / Minority stake

business description

  • Leading French cable TV / Internet / telephone operator in France
  • Altice Two has been set up by Altice One shareholders in order to complete, with Cinven, the acquisition of Numericable, the French cable operator with a 50% market share. In 2005 and 2006 Numericable bought Altice One and Noos, and subsequently becam the sole cable operator in France (over 98% market share) with 9,5m home passed and 4.5m subscribers

transaction strategy

  • Roll over Altice One strategy on a larger scale:
    • Management team with exeptionnal track record
    • Strong predictable cash flows
    • Restructure operations and benefit from scale from integration of similar businesses
    • Seek to consolidate the whole French market
    • Trigger appetite from PE megafunds / large telcos
  • 100% of Syntegra Capital stake, together with 50% of Cinven stake, sold to Carlyle in March 2008.