ALTICE SFR - comment

It has been a couple of weeks without any rumours from the various sales processes within the Altice structure, but this morning, Bloomberg is reporting that KKR & Macquarie are on the shortlist for bidding the Altice France’s XpFibre business. They join previously mentioned names of Global Infrastructure Partners and Caisse de Depot et Placement du Quebec. 

Altice owns 50.1% of XpFivbre and has the option to acquire a further couple of percentage points in the coming years enabling them to fully consolidate XpFibre on their accounts. OMERS Infrastructure, Allianz Capital Partners and AXA IM Real Assets acquired their 49.9% stake in 2019 for c. €1.7bn. 

At this stage there remains significant uncertainty that a deal will be done, and even more uncertainty if any deal will involve a stake and/or majority of the business.