Cinven acquires cable operator Altice One
European private equity firm, Cinven, today announces that, following advice from the works council, it has completed the acquisition of French cable operator Altice One. Altice One offers digital and analog television, broadband telephone and internet via its subsidiaries Est Videocom in Alsace and Coditel in Belgium and Luxembourg.
Altice One was founded in 2002 with funds from SG Capital Europe, Pechel Industrie and a group of private investors. Cinven will now have a 70% stake in the business with the founding stakeholders holding the remaining 30%.
With approximately 160,000 customers, Est Videocom is Alsace’s leading regional operator of cable television, covering more than 170 towns. It was one of the first French operators to deliver internet via cable as early as 1997. In 2005, Est Videocom launched 20-MB broadband Internet, as well as telephony (voice over IP) providing highly competitive multi-service offers (TV, broadband telephone and internet). Est Videocom achieved a turnover last year of over €41.3 million.
Coditel is the leading cable operator in Brussels and Luxembourg. Like Est Videocom, Coditel offers its 180,000 customers multi-service TV packages, broadband internet and telephony services. Coditel’s turnover last year was €34.1 million.
Pascal Heberling, a Cinven Partner, commented:
“Our investment in Altice One complements that of Numéricable which we completed less than a year ago. 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.”
Nicolas Paulmier, Cinven Partner, added:
“The Altice One networks are amongst the most efficient in Europe in terms of bandwidth available to customers thanks to the optic fibre which has been pushed very close to customers’ homes. Cinven’s strategic and financial support will allow Altice One to develop its services for both its individual and corporate client base.”
The transaction was arranged and underwritten by Calyon, ING and Lehman Brothers. Cinven was advised by BNP Paribas and Altice One by Daniels & Associates and Lehman Brothers.