Paris - Altice announced it filed today a public exchange offer for all of the remaining shares issued by SFR Group, a publicly traded company listed in Paris. The share-for-share offer targeting the 22.5% free-float not yet owned by Altice is made on the basis of 8 new Altice NV class A shares for 5 SFR Group shares. The transaction values SFR Group at approximately 11 billion Euros.

The terms of the proposed transaction were unanimously approved by the Board of directors of each of Altice NV and SFR Group, including all of SFR Group’s independent directors. The transaction is expected to close in the fourth quarter of 2016 and is subject to approval by the French securities regulator AMF and the Dutch securities regulator AFM.

Founded by telecom entrepreneur Patrick Drahi, Altice is a multinational cable, fiber, telecommunications, contents and media company. Altice operates under a number of trade names, including SFR in France, Suddenlink and Optimum in the U.S. and Hot in Israel. SFR Group is the second largest operator in France with a turnover of 11 billion Euros in 2015 and prime positions in all market segments, from consumer, to Business to Business (B2B), local authorities, and wholesale.

The Mayer Brown team advising Altice and SFR Group on this deal was led by Arnaud Pérès and Laurent Borey (partners) and included :

  • Rob Flanigan on the US law aspects
  • Jean-François Louit (partner)
  • Arnaud Mouton, Pierre-Guillaume Sagnol and Marion Bruère (associates) on the corporate and securities aspects
  • Nathalie Jacquart (counsel) and Louis Nayberg (associate) on the tax aspects.