January 7, 2014 / 7:00 AM / 4 years ago

Cable operator Altice plans IPO to raise 750 mln euros

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PARIS, Jan 7 (Reuters) - European cable operator Altice said on Tuesday that it planned to list its shares on the NYSE Euronext with the aim to raise 750 million euros.

The proceeds of the IPO will be used to pay down debt and develop Altice's businesses, which include stakes in French cable company Numericable and a mobile operator in Israel. Altice also agreed to buy the mobile business of Orange in the Dominican Republic last year.

"This is the right time for Altice to list given our strong track record of growth and excellent cash flow generation, said the company's founder and executive chairman Patrick Drahi.

In the nine months ended September 30, Altice's adjusted earnings before interest, tax, and depreciation was 1.02 billion euros, giving it a margin of 42.3 percent. (Reporting by Leila Abboud; Editing by Mark John)

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