Altice plans IPO to raise €750m
January 7, 2014
European cable operator Altice has confirmed plans to list its shares on the NYSE Euronext with the aim to raise €750 million.
The proceeds of the IPO will be used to pay down debt and develop Altice’s businesses, which include stakes in French cable company Numericable and a mobile operator in Israel. Altice also agreed to buy the mobile business of Orange in the Dominican Republic last year.
“This is the right time for Altice to list given our strong track record of growth and excellent cash flow generation, said the company’s founder and executive chairman Patrick Drahi.
In the nine months ended September 30, Altice’s EBITDA was €1.02 billion, giving it a margin of 42.3 per cent.