Another week, yet another enormous cable M&A deal in the European market.
However, this time there’s a new face at the party. Following in the footsteps of Liberty Global and Vodafone, which have been gobbling up cable companies from Spain to the Netherlands like corporate Pac-Men, Altice has stepped up to take its own slice of the action.
The Luxembourg-based cable group emerged triumphant from a very public bidding war with French industrial group Bouygues to acquire France’s second-largest telecoms operator SFR from Vivendi for roughly €17bn.
Funded by a combination of US and European high yield debt, covenant lite loans, revolving loans and an equity rights issuance sold into both Europe and the US, the deal is a prime example of the complex multi-jurisdictional road that acquisition finance is trundling down apace.
In fact, the deal marks somewhat of a turning point as the largest leveraged financing since the collapse of Lehman Brothers in 2008.
Also on TheLawyer.com:
- Freshfields hires former Cleary partner Ash Qureshi to bulk up its capital markets and US corporate practices
- A huge raft of advisers including Cleary, Freshfields and Linklaters turn out to advise Lafarge and Swiss giant Holcim in their €40bn merger
- Clifford Chance litigator Simon Davis has been appointed by the FCA to head an inquiry into the bungled announcement of an insurance industry investigation