Numericable Completel
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Business description
Numericable represents the merger of two Cinven investments, Numericable and Altice One, which were then combined with Noos, which Cinven acquired in 2006. Numericable is the only major cable operator covering France, Belgium and Luxembourg. It operates the leading alternative high speed network, covering close to 10 million households and providing high definition television, video on demand, very high speed internet and telephony services.
Completel is the third largest business-to-business infrastructure-based telecommunications operator in France with both a national 'backbone' and a DSL network, with 700 owned exchanges covering 110 cities in France.
Cinven strategy
When Cinven acquired Numericable in 2005, its strategy was to consolidate cable businesses to create the leading cable group in France and improve profits through more active management of the business. The strategy for Altice One – acquired later the same year – was growth oriented, designed to increase sales of digital TV, broadband and telephony to existing subscribers. In 2006, Numericable acquired Noos, the number two cable operator in France. The combination has created the unrivalled leader in the provision of broadband cable services in the European French speaking regions with 9.7 million homes passed and a 'footprint' that includes all the most populous French cities and regions.
Cinven acquired Completel in 2007 as a standalone investment. There are significant revenue and cost benefits for both companies through arm's-length arrangements with Numericable.
Cinven sold a stake in the investments in Numericable and Completel to The Carlyle Group in 2008. As a result, The Carlyle Group and Cinven each owns 37.9% of the two companies and Altice owns 24.3%.
