Cleary Gottlieb and White & Case scoop top roles as Numericable raises €4.7bn through rights issue
Cleary Gottlieb and White & Case have advised on a €4.7bn (£3.68bn) rights issue by France's sole major cable operator Numericable Group.
November 03, 2014 at 07:27 PM
2 minute read
Cleary Gottlieb and White & Case have advised on a €4.7bn (£3.68bn) rights issue by France's sole major cable operator Numericable Group.
The capital injection will finance part of the €13.5bn (£10.5bn) cash payment Numericable made to acquire Vivendi's mobile network division SFR earlier this year.
Existing shareholders in Numericable have been given a preferential right to buy the new shares at a price of €17.82 (£13.92) each. The majority shareholder of Numericable Group, Altice, has confirmed it will subscribe to the sale pro rata to its 75% stake in the company.
The Cleary team was led by Paris based partners John Brinitzer and Marie-Laurence Tibi, while Anne-Sophie Coustel advised on tax aspects with associate David Andreani.
Cleary advised Numericable when it went public in 2013, and was co-counsel to Numericable Group in its acquisition of SFR.
That acquisition saw prize roles go to Ropes & Gray, Allen & Overy, Latham & Watkins and local outfit Franklin, which also provided advice to Altice on the rights issue launched last week.
White & Case advised the underwriters, a nine-bank syndicate including Mogran Stanley, Deutsche Bank and Barclays. The firm's team was led by Paris-based capital markets partners Thomas Le Vert and S
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