French independent competition watchdog Autorite de la Concurrence has approved the acquisition of additional shares in domestic cable operator Numericable by Luxembourg-based private equity firm Altice Group, which initially held a 30% stake in the company. The watchdog disclosed that Altice Group had raised its capital within the cableco to 40% and has taken exclusive control over the company’s operations. Going forward, the unit’s results will be consolidated with Altice’s other subsidiaries, as part of the Altice Group.
As previously reported by TeleGeography’s CommsUpdate, in November 2013 Altice Group entered into an agreement to acquire shares in Numericable from fellow shareholders Cinven and Carlyle, thus increasing its share capital and voting rights to 40%. Altice founder Patrick Drahi said: ‘Bringing together all of our key investments in the telecoms space under Altice Group will strengthen our ability to advance our global strategic vision, enabling us to implement best practices across our international portfolio of companies and realise operational synergies. The combination of our controlling stake in the Numericable Group with the Altice VII Restricted Group under one corporate parent is in line with our strategic objectives and will maximise our flexibility of access to the capital markets to finance future growth.’