Numericable founder Patrick Drahi has confirmed that his investment company, Altice, would raise its stake in the French cable operator to around 30 per cent through its planned initial public offering.

“As a result of this transaction, Altice will become the largest shareholder of Numericable” by buying shares from private equity owners Carlyle and Cinven, Altice said in a statement. Altice currently holds 24 per cent.

Numericable, which offers packages of pay-TV, Internet and fixed-line calls, plans to list 20 to 40 per cent of its capital in an IPO that could value the company at around €5 billion.

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