The euros 528million deal for the sale of NC Numericable and France Telecom Cable, as well as the cable networks owned by France Telecom and TDF, will see Canal+ Group and France Telecom each retain around 20 per cent in the new operator.
Total proceeds from the sale, which could yet be adjusted, are euros 351million for France Telecom, euros 87million for Canal+ Group and euros 90million for TDF.
The agreement is subject to regulatory approval from EU competition authorities, and the municipal authorities. It follows negotiations since August 2004 between Canal+ Group and France Telecom with Cinven and Altice.
Seeking to play an active role in the progressive consolidation of the cable industry, the two groups signed a Memorandum of Understanding on March 18, 2004, allowing them to combine their cable activities to enable the acquisition of a controlling interest in the resulting entity by new shareholders.
Through this agreement, Canal+ Group aims to encourage the emergence of a major player in the cable industry and pursue its strategy of making its channels available on all distribution platforms.
