Canal Plus sells cable stake

Deal awaits Euro approval

PARIS — French paybox Canal Plus has sold a 37% stake in its NC Numericable cable subsid to Exante, a group of North American investors. No price has been put on the stake and the deal is still subject to approval by the European authorities.

Canal Plus has controlled NC Numericable since it acquired 100% of the company from Vivendi (ex Compagnie Generale des Eaux) in November 1997.

The cable operation has 630,000 subscribers in France from 2 million homes, making it France’s second largest cable television company.

Exante is a collection of North American investors, headed by former US West Intl. head Richard Callahan’s Callahan Associates International (CAI).

Callahan has brought together BancAmerica Equity Partners and Capital Communications CDPQ — the private investment subsid of the Caisse de Depots et de Placement du Quebec — as well as General Electric subsid GE Capital Services and CAG (France) — a joint venture between CAI and New York investment company Angelo, Gordon & Co.

Exante will purchase its stake via a new share issue. The arrival of the North American backers will help fund NC Numericable’s plans to develop the cable outfit into a multiservice operator.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading