Completel Europe is acquired by Altice B2B France

Client(s) Completel Europe N.V.

Jones Day advised Completel Europe N.V., a company operating a fiber-optic telecommunications network, on its €723.7 million ($1 billion) acquisition by Altice B2B France SAS. The transaction involved several steps. Altice B2B first acquired an initial 66% interest in Completel Europe at €35.00-€35.50 per share, in several block trades. In September 2007, Completel Europe announced that Altice B2B would launch a tender offer for the remaining shares at €35.5 each. The management and supervisory boards of Completel Europe NV supported the acquisition.

In addition to the acquisition of Completel Europe's issued and outstanding shares, Altice B2B acquired the 11% Senior Secured Notes due 2012 issued by its subsidiary Completel SAS in a principal amount of €80 million ($114 million). This complex transaction, financed by a mix of equity and LBO debt, had to be completed within a compressed two-month time frame.

In addition to M&A representation, Jones Day also advised on the competition law aspects of the transaction.