BN 06/25 17:18 *ALTICE SAYS BOUYGUES DID NOT SEEK OFFER DETAILS, EXPLANATIONS
BN 06/25 17:16 *ALTICE COMMITS TO BOUYGUES TELECOM EMPLOY SIMILAR TO SFR DEAL
BN 06/25 17:15 *ALTICE& NUMERICABLE-SFR INITIATED CONTACTS W/ FRENCH REGULATORY
BN 06/25 17:15 *ALTICE SAYS NUMERICABLE-SFR IN TALKS ON ASSET TRANSFER TERMS
BN 06/25 17:14 *ALTICE SAYS NUMERICABLE-SFR IN EXCLUSIVES TALKS WITH ILIAD
BN 06/25 17:13 *ALTICE SAYS COMMITTED TO FRENCH GOVT TO CONTINUE TO BOOST CAPEX
BN 06/25 17:13 *ALTICE: OFFER FUNDED WITH 60%-65% IN EQUITY, 35%-40% IN DEBT
BN 06/25 17:13 *ALTICE:COMMITTED TO PARTICIPATE IN FRENCH AUCTION ON 700 MHZ
BN 06/25 17:13 *ALTICE SAYS FINANCING THROUGH ABOUT €6 TO €6.5B IN CAPITAL
BN 06/25 17:13 *ALTICE SAYS FINANCING THROUGH ABOUT €3.5 TO €4B OF BANK DEBT
BN 06/25 17:12 *ALTICE CITES COMMITMENT LETTERS BNP,JP MORGAN,MORGAN STANLEY
BN 06/25 17:12 *ALTICE SAYS OFFER FULLY& UNCONDITIONALLY FINANCED
BN 06/25 17:12 *ALTICE SA SAYS OFFER VALUES BOUYGUES TELECOM AT MINIMUM OF €10B
BN 06/25 17:11 *ALTICE SA: DETAILS ON ALTICE'S OFFER FOR BOUYGUES TELECOM
BN 06/25 17:16 *ALTICE COMMITS TO BOUYGUES TELECOM EMPLOY SIMILAR TO SFR DEAL
BN 06/25 17:15 *ALTICE& NUMERICABLE-SFR INITIATED CONTACTS W/ FRENCH REGULATORY
BN 06/25 17:15 *ALTICE SAYS NUMERICABLE-SFR IN TALKS ON ASSET TRANSFER TERMS
BN 06/25 17:14 *ALTICE SAYS NUMERICABLE-SFR IN EXCLUSIVES TALKS WITH ILIAD
BN 06/25 17:13 *ALTICE SAYS COMMITTED TO FRENCH GOVT TO CONTINUE TO BOOST CAPEX
BN 06/25 17:13 *ALTICE: OFFER FUNDED WITH 60%-65% IN EQUITY, 35%-40% IN DEBT
BN 06/25 17:13 *ALTICE:COMMITTED TO PARTICIPATE IN FRENCH AUCTION ON 700 MHZ
BN 06/25 17:13 *ALTICE SAYS FINANCING THROUGH ABOUT €6 TO €6.5B IN CAPITAL
BN 06/25 17:13 *ALTICE SAYS FINANCING THROUGH ABOUT €3.5 TO €4B OF BANK DEBT
BN 06/25 17:12 *ALTICE CITES COMMITMENT LETTERS BNP,JP MORGAN,MORGAN STANLEY
BN 06/25 17:12 *ALTICE SAYS OFFER FULLY& UNCONDITIONALLY FINANCED
BN 06/25 17:12 *ALTICE SA SAYS OFFER VALUES BOUYGUES TELECOM AT MINIMUM OF €10B
BN 06/25 17:11 *ALTICE SA: DETAILS ON ALTICE'S OFFER FOR BOUYGUES TELECOM
Altice SA: Details on Altice's offer for Bouygues Telecom
2015-06-25 17:11:36.733 GMT
June 25, 2015 - Following the decision by the Board of Directors of the
Bouygues Group on June 23, 2015, Altice wishes to clarify the following
points:
Altice made an offer to Bouygues on June 3, 2015, which was updated on June
21, 2015 to provide further specific details (the Offer), the key terms of
which were:
Valuation
The Offer values Bouygues Telecom at a minimum of €10 billion, approximately
15 times estimated 2015 EBITDA, as communicated by Bouygues in its market
guidance, and 25 times 2017 EBITDA - CapEx, as projected by Bouygues in its
press release of 23 June 2015, or a premium of between 2x and 3x compared to
the average values for these types of assets in the European market. The Offer
consists of a cash payment of €9 billion upon closing of the transaction and,
at the option of Bouygues, an additional amount of either (i) a guaranteed
cash payment of €1 billion three years following closing of the transaction OR
(ii) a payment of €1 billion in Numericable-SFR shares subject to a 3 year
put/call guaranteeing a €1 billion minimum price for Bouygues plus 3% IRR per
year in line with a similar structure put in place between Altice and Vivendi
in connection with the acquisition of SFR by Numericable, providing Bouygues
with significant upside potential as a result of the realisation of expected
synergies.
The Offer is fully and unconditionally financed under commitment letters from
BNP, JP Morgan and Morgan Stanley. The financing of the Offer is through (i)
approximately €3.5 to €4 billion of bank debt, and (ii) approximately €6 to
€6.5 billion in capital comprising (x) €3.5 to €4 billion from (A) asset sales
and (B) a capital increase (reserved for the Bouygues group if it opts to
receive partial payment in the form of Numericable-SFR shares) and (y)
approximately €2.5 billion in cash available at Numericable-SFR at the time of
closing. The Offer is, therefore, funded with 60%-65% in equity and 35%-40% in
debt, not 100% debt as reported in the press.
Regulatory Risk
In order to ensure the success of the transaction and in order to contain
regulatory risks, Numericable-SFR has entered into exclusive negotiations with
Iliad to set the terms for transfers of assets. Numericable-SFR and Free have
agreed that these asset transfers will be made post-closing of the Bouygues
Telecom acquisition. As such, they are more robust than the agreements entered
into by Bouygues in March 2014 as part of its failed takeover bid for SFR.
Altice and Numericable-SFR have already initiated contacts with the relevant
French regulatory authorities to address and resolve any potential issues, as
has been done for all such transactions carried out in France.
Job Guarantees
Altice has committed to the Bouygues Group and to the French Government to
maintain employment levels at Bouygues Telecom under conditions similar to
those which had been negotiated in connection with the acquisition of SFR. To
date, the Numericable-SFR Group is ahead of schedule in its synergy program
while fully meeting its commitment to maintain employment.
Continue to Invest Heavily
Altice has committed to the French Government to:
(i) continue to increase Capital Expenditures, specifically in the deployment
of fibre (FTTH) with a commitment to now reach 20 million homes passed between
now and 2020, an additional 5 million homes passed over what Altice committed
to in 2014 - it should be noted that Capital Expenditures have increased by
20% at SFR since it was taken over by Altice six months ago;
(ii) fully participate in the auction on the 700 MHz frequencies.
Altice takes note of the decision of the Board of Directors of Bouygues and
regrets that the Board has not once, either through its advisers or through
its management teams, sought any details or explanations from Altice regarding
the Offer before being presented to the Board.
Contacts
Investor Relations
Olivier Gernandt: +33 1 85 06 10 75 / olivier.gernandt@altice.net
Media Relations
Arthur Dreyfuss: +41 79 946 49 31 / arthur.dreyfuss@altice.net
About Altice
Founded by telecom entrepreneur, Patrick Drahi, Altice is a multinational
cable and telecommunications company with presence in three regions - Western
Europe (comprising France, Belgium, Luxembourg, Portugal and Switzerland),
Israel and the Overseas Territories (currently comprising the French Caribbean
and the Indian Ocean regions and the Dominican Republic). We provide cable
based services (high quality pay television, fast broadband Internet and fixed
line telephony) and, in certain countries, mobile telephony services to
residential and corporate customers.
Altice (ATC) is listed on NYSE Euronext Amsterdam, ISIN LU1014539529.
Disclaimer
This press release contains statements about future events, projections,
forecasts and expectations that are forward-looking statements. Any statement
in this press release that is not a statement of historical fact is a
forward-looking statement that involves known and unknown risks, uncertainties
and other factors which may cause our actual results, performance or
achievements to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements. In
addition, past performance of Altice S.A. and its affiliates cannot be relied
on as a guide to future performance. Altice S.A. and its affiliates make no
representation on the accuracy and completeness of any of the forward-looking
statements, and, except as may be required by applicable law, assume no
obligations to supplement, amend, update or revise any such statements or any
opinion expressed to reflect actual results, changes in assumptions or in
Altice S.A.'s or its affiliates' expectations, or changes in factors affecting
these statements. Accordingly, any reliance you place on such forward-looking
stat
PR BYG offer 25 06 2015
2015-06-25 17:11:36.733 GMT
June 25, 2015 - Following the decision by the Board of Directors of the
Bouygues Group on June 23, 2015, Altice wishes to clarify the following
points:
Altice made an offer to Bouygues on June 3, 2015, which was updated on June
21, 2015 to provide further specific details (the Offer), the key terms of
which were:
Valuation
The Offer values Bouygues Telecom at a minimum of €10 billion, approximately
15 times estimated 2015 EBITDA, as communicated by Bouygues in its market
guidance, and 25 times 2017 EBITDA - CapEx, as projected by Bouygues in its
press release of 23 June 2015, or a premium of between 2x and 3x compared to
the average values for these types of assets in the European market. The Offer
consists of a cash payment of €9 billion upon closing of the transaction and,
at the option of Bouygues, an additional amount of either (i) a guaranteed
cash payment of €1 billion three years following closing of the transaction OR
(ii) a payment of €1 billion in Numericable-SFR shares subject to a 3 year
put/call guaranteeing a €1 billion minimum price for Bouygues plus 3% IRR per
year in line with a similar structure put in place between Altice and Vivendi
in connection with the acquisition of SFR by Numericable, providing Bouygues
with significant upside potential as a result of the realisation of expected
synergies.
The Offer is fully and unconditionally financed under commitment letters from
BNP, JP Morgan and Morgan Stanley. The financing of the Offer is through (i)
approximately €3.5 to €4 billion of bank debt, and (ii) approximately €6 to
€6.5 billion in capital comprising (x) €3.5 to €4 billion from (A) asset sales
and (B) a capital increase (reserved for the Bouygues group if it opts to
receive partial payment in the form of Numericable-SFR shares) and (y)
approximately €2.5 billion in cash available at Numericable-SFR at the time of
closing. The Offer is, therefore, funded with 60%-65% in equity and 35%-40% in
debt, not 100% debt as reported in the press.
Regulatory Risk
In order to ensure the success of the transaction and in order to contain
regulatory risks, Numericable-SFR has entered into exclusive negotiations with
Iliad to set the terms for transfers of assets. Numericable-SFR and Free have
agreed that these asset transfers will be made post-closing of the Bouygues
Telecom acquisition. As such, they are more robust than the agreements entered
into by Bouygues in March 2014 as part of its failed takeover bid for SFR.
Altice and Numericable-SFR have already initiated contacts with the relevant
French regulatory authorities to address and resolve any potential issues, as
has been done for all such transactions carried out in France.
Job Guarantees
Altice has committed to the Bouygues Group and to the French Government to
maintain employment levels at Bouygues Telecom under conditions similar to
those which had been negotiated in connection with the acquisition of SFR. To
date, the Numericable-SFR Group is ahead of schedule in its synergy program
while fully meeting its commitment to maintain employment.
Continue to Invest Heavily
Altice has committed to the French Government to:
(i) continue to increase Capital Expenditures, specifically in the deployment
of fibre (FTTH) with a commitment to now reach 20 million homes passed between
now and 2020, an additional 5 million homes passed over what Altice committed
to in 2014 - it should be noted that Capital Expenditures have increased by
20% at SFR since it was taken over by Altice six months ago;
(ii) fully participate in the auction on the 700 MHz frequencies.
Altice takes note of the decision of the Board of Directors of Bouygues and
regrets that the Board has not once, either through its advisers or through
its management teams, sought any details or explanations from Altice regarding
the Offer before being presented to the Board.
Contacts
Investor Relations
Olivier Gernandt: +33 1 85 06 10 75 / olivier.gernandt@altice.net
Media Relations
Arthur Dreyfuss: +41 79 946 49 31 / arthur.dreyfuss@altice.net
About Altice
Founded by telecom entrepreneur, Patrick Drahi, Altice is a multinational
cable and telecommunications company with presence in three regions - Western
Europe (comprising France, Belgium, Luxembourg, Portugal and Switzerland),
Israel and the Overseas Territories (currently comprising the French Caribbean
and the Indian Ocean regions and the Dominican Republic). We provide cable
based services (high quality pay television, fast broadband Internet and fixed
line telephony) and, in certain countries, mobile telephony services to
residential and corporate customers.
Altice (ATC) is listed on NYSE Euronext Amsterdam, ISIN LU1014539529.
Disclaimer
This press release contains statements about future events, projections,
forecasts and expectations that are forward-looking statements. Any statement
in this press release that is not a statement of historical fact is a
forward-looking statement that involves known and unknown risks, uncertainties
and other factors which may cause our actual results, performance or
achievements to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements. In
addition, past performance of Altice S.A. and its affiliates cannot be relied
on as a guide to future performance. Altice S.A. and its affiliates make no
representation on the accuracy and completeness of any of the forward-looking
statements, and, except as may be required by applicable law, assume no
obligations to supplement, amend, update or revise any such statements or any
opinion expressed to reflect actual results, changes in assumptions or in
Altice S.A.'s or its affiliates' expectations, or changes in factors affecting
these statements. Accordingly, any reliance you place on such forward-looking
stat
PR BYG offer 25 06 2015