Altice France, Altice International - comment

SocGen has agreed, subject to regulatory approval, to acquire Geodesia’s 50% stake in OXG, the German fibre JV co-owned with Vodafone. This will have no immediate impact on bond valuations but will provide further fodder for subsequent legal claims against Altice Luxembourg and Drahi. 

No transaction value has been disclosed, while the proceeds ultimately accruing to Altice are also unclear: the stake was originally held by Altice Luxembourg, but was transferred to Geodesia in December 2024 as part of the carve-out of the Geodesia business from Altice International.

As a result, it is difficult to view the transaction as an asset sale for the benefit of Altice International creditors, with both the sale proceeds and their ultimate destination currently unclear.