This is an operation without consulting bank and relatively complex than realized and Altice NextRadio TV. Two new companies will be created: News Participation, which will hold NextRadio TV, 51% controlled by Alain Weill and 49% by the Altice Group; and a new structure, Altice Contents, which will aim to invest in media companies. So where could be accommodated in the future, the next shop to Altice, and, why not, the current shareholdings patrick drahi in “L’Express” and “Liberation”, even if it is not today. Alain Weill will be 24% shareholder Altice Contents alongside Altice, a majority.
But if, on paper, it is a partnership between the two groups, the structure of financing clearly shows qu’Altice is to maneuver. The telecoms group provides the majority of funding. It will carry out a capital increase of € 200 million and a convertible bond issue of € 600 million, which could enable Altice to climb to capital in the future (maturity was not specified) . Alain Weill, he brings his 37.8% (about 230 million) in NextRadio TV and realizes a capital increase of 51 million euros. Either in total about 1 billion euros.
In parallel, the new company, News Participation, launched a takeover bid for NextRadio TV 37 euros per share, representing a premium of 30.5% over the last six months. This values the company which owns BFM TV and RMC Découverte just over € 600 million (excluding debt and excluding warrants). NextRadio TV will be delisted if the 95% threshold of the capital contributed to the offer is reached, which seems on track, analysts said.
The Exchange applauds NextRadio TV leapt
The balance between funding (1 billion) and the current valuation of NextRadio TV represents debt, including the recent acquisition of 23 channel number and a war chest for future acquisitions. The Exchange has applauded: TV NextRadio rose 15% to 36.60 euros, almost at the offer price, indicating that investors do not anticipate higher bid. “This is a transaction to which we did not expect really. NextRadio TV had experienced a very beautiful course on the stock exchange, reaching record. It worked so well that other interested groups. It is a way for her to take the lead, and for Alain Weill, to keep some control “, says Bruno Herring, an analyst at Oddo. “This is bad news for TF1, one would think natural predator, especially as he had the cash, for its part Jean-Baptiste Sergeant at MainFirst. Altice will enjoy a beautiful strike force and be able to go upmarket Number 23. “
Patrick Drahi The company has, in any cases not hesitate to put the means, since the price of NextRadio TV represents 16 times the 2015 EBITDA (gross operating surplus), “which is much higher than comparable listed companies, it resumes. But that’s the price for a coveted target, with strong growth and impressive profitability. Qu’Altice and influence can have priceless … “
Marina Alcaraz, Les Echos
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