White & Case Advises Underwriting Banks on the Initial Public Offering of Numericable
Global law firm White & Case LLP has advised the syndicate of banks led by Deutsche Bank and J.P. Morgan on the initial public offering of the Numericable Group, which provides cable and broadband services in France, on the NYSE Euronext in Paris.
The IPO was initiated by Numericable's shareholders Carlyle and Cinven. The prospectus received a visa from the Autorité des marchés financiers on October 25, 2013 and the first listing was scheduled for November 7, 2013. The indicative price range of between €20.30 and €24.80 per share corresponds to a maximum offer and amounts to €750 million. The public placement covers 25% of the Numericable's share capital and the company's value is estimated at approximately €5.8 billion. This transaction is the largest IPO on the Euronext Paris since 2009.
Numericable is the sole major cable operator in France. It was created through the combination of several B2C and B2B cable players and operates using a high capillary network infrastructure to serve three telecommunication market segments in France: B2C, B2B and wholesale. The group generated combined revenues of more than €1.3 billion and combined EBITDA of €590.8 million for the fiscal year ended December 31, 2012.
The White & Case team in Paris was led by partners Philippe Herbelin and Thomas Le Vert with support from associates Tatiana Uskova, Antonin Deslandes, François Carrey and Petya Georgieva. Partner Colin Chang managed the transaction's US aspects and partner Alexandre Ippolito, with support from associate Marcus Schmidbauer, managed its tax matters.
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