Numericable Is Said to Plan SFR Bid Valued at $20 Billion

Numericable SA and its shareholder Altice SA are preparing an offer valued at about $20 billion to merge with Vivendi SA’s French telecommunications unit SFR, according to a person familiar with the matter.

The bid will include about 11 billion euros ($15.2 billion) in cash, 3 billion euros in Numericable’s cable assets and a 750 million-euro capital increase by Altice, said the person, asking not to be named because the plan is confidential. While a formal offer hasn’t been made, Patrick Drahi, the billionaire who controls Altice and Numericable, has received guarantees from lenders for 8 billion euros of debt, the person said.