Altice has upped its stake in France-based SFR Group, as it looks to tie up full ownership of the subsidiary it acquired in 2014.

The company said it had now amassed 95.9 percent of SFR’s share capital and voting rights.

Next month, Altice plans to buy out SFR’s remaining shareholders by offering €34.50 per share in a so-called squeeze-out.

According to French law, SFR’s directors must to provide a view on the fairness of this offer based on an independent financial report.

Altice was unsuccessful in its attempt late last year to buy the remaining shares it did not own after the French regulator blocked the move.

Last November, the French competition authority handed Altice an €80 million “gun-jumping” fine over its initial acquisition of the company.

SFR saw sales fall 0.4 percent to €2.76 billion in the three months to June.

Adjusted EBITDA was also down, by 4.6 percent to €953 million, after the company spent a significant, although undisclosed, amount of money on acquiring exclusive rights to UEFA Champions League and UEFA Europa League football.

The operator added 34,000 retail mobile customers, but lost 16,000 subscribers during the period, as it battles Bouygues, Free and Orange in an ever competitive French market.

The SFR name is set to disappear next year as Altice rebrands all of its opcos under one global identity.

Read more: Altice expects former Microsoft man to excel as new CMO

More News

DNA upgrades profit plans as efficiency push bears fruit DNA upgrades profit plans as efficiency push bears fruit DNA has upgraded its profit outlook for the year as a blitz on efficiency offset a slight fall in sales in its third quarter results. More detail
Ericsson warns industry will be hit by China slowdown, as struggles continue Ericsson warns industry will be hit by China slowdown, as struggles continue Ericsson has warned a slowing Chinese market will hit the performance of the industry's big vendors, as its own struggles continued with a loss of SEK4.8 billion. More detail
Tele2 raises guidance again as sales, profits cheer Swedish telco Tele2 raises guidance again as sales, profits cheer Swedish telco Tele2 has upgraded its 2017 guidance for the second quarter in a row after posting strong increases in sales and profits for Q3. More detail
Ericsson Boosts CDN offering with app programme Ericsson Boosts CDN offering with app programme Content providers can now use Ericsson technology to deliver on-demand streaming applications to customers. More detail
Snapchat enters original content arena with NBC deal Snapchat enters original content arena with NBC deal Snapchat is getting into original content production via a new joint venture with NBCUniversal. More detail
    

@eurocomms