SFR, Numericable tie-up confirmed
June 23, 2014
Vivendi, Altice and Numericable have confirmed that they have signed the definitive agreement regarding a combination between mobile telco SFR and cable MSO Numericable following what is described as “a very constructive dialogue” with the Employee Works Councils concerned.
The Vivendi Supervisory Board unanimously selected the Altice-Numericable offer for SFR on April 5. They deemed that this offer will create the highest growth potential, generating the highest value for its customers, employees and shareholders, while also achieving both SFR’s and Vivendi’s objectives.
At closing, Vivendi will receive €13.5 billion (excluding adjustments) and will keep a 20 per cent stake in the new combination, which it could sell at a later stage after a one year lock-up period. It will also receive an earn-out of €750 million depending on the future financial performance of the new group (EBITDA- Capex at least equal to €2 billion during one fiscal year).
The closing of the agreement is subject to certain conditions, in particular obtaining approval from the relevant administrative authorities.