Numericable Group in its €4.7 Billion Rights Offering

October 29, 2014

Cleary Gottlieb is advising Numericable Group in a €4.7 billion capital increase with preferential subscription rights that launched on October 29, 2014. This rights offering, which is the largest in France in the past several years, will finance part of the cash purchase price (€13.5 billion (before adjustment)) for SFR, a leading alternative telecommunications operator in France. The majority shareholder of Numericable Group, Altice, has committed to subscribe to the capital increase pro rata to its shareholding (approximately 75%). The remainder of the rights offering is underwritten by a bank syndicate composed of Morgan Stanley, Deutsche Bank, Barclays, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Crédit Suisse Securities Limited, Goldman Sachs and J.P. Morgan Securities and Natixis.