Altice Europe confirms strategic review of French fiber infrastructure; bidders reportedly include KKR, Allianz PE, OMERS and Macquarie
03 OCT 2018
Altice Europe [ATC:NA] confirmed it is conducting a strategic review of its fiber infrastructure to further accelerate its deployment and is exploring financial partnerships.
The statement was made following a report by Bloomberg earlier today which said the company had drawn bids from third parties, including KKR, Allianz SE’s private equity division, Ontario Municipal Employees Retirement System and Macquarie Group.
Altice was first reported by the French press in August to have tapped Lazard for the mandate. Subsequent reports said up to 10 funds were lining up to bid for a 40%-60% stake with an enterprise value of EUR 3bn – EUR 4bn.
This news service reported on 12 September that binding offers were expected in mid-October.
The Bloomberg report today, citing people familiar with the situation, said final bids are due next month. The report said the asset is being valued initially at around EUR 1.5bn - 3bn, although the people reportedly told Bloomberg it was expected to rise as the process progressed.
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Press release:
Altice Europe N.V. (Euronext: ATC & ATCB, “Altice Europe”) has taken note of recent market speculation regarding its fiber infrastructure.
Altice Europe has undertaken a strategic review of its fiber infrastructure to further accelerate its deployment and is exploring financial partnerships. No final decision with respect to any strategic transaction involving its fiber infrastructure has been taken, and it is yet uncertain that any such transaction will be concluded.
If and when there is any reason to do so, further announcements to the market will be made.