Cinven-Backed JV Buying Completel

Altice B2B France is nearing agreement to acquire French metro telecom network provider Completel for EUR 723 million ($985m). Under terms of the agreement, Altice B2B France would first acquire a 21% stake in Completel at EUR 35 to EUR 35.50 per share, and then another 34% at EUR 35.50. Altice B2B France is a joint venture between private equity firm Cinven (49% stake) and European cable company Altice (51%). Cinven's stake is actually a bit higher than it may look, given that it is Altice's majority shareholder with a 70% position.