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Altice Europe to sell French and Portuguese tower businesses for €2.5bn 2018-06-20, Financial Times

Altice Europe is selling its French and Portuguese tower businesses for a total of €2.5bn in cash, the telecoms and cable group said on Wednesday after market close. 

The deal marks the latest asset disposal by Patrick Drahi’s Altice as the company moves to free up its balance sheet and reassure investors concerned about its debt pile and operational difficulties in its largest market of France. Earlier this month Altice spun off its US division from the European business as part of a restructuring that was announced in January.

Altice France said it is putting its 10,198 sites that are operated by its SFR division into a newly formed tower company called SFR TowerCo. Altice France has entered into an exclusivity agreement with private equity group KKR to sell 49.99 per cent of the equity in this new company to KKR. The deal gives SFR TowerCo an enterprise value of €3.6bn.

Altice Europe to sell French and Portuguese tower businesses for €2.5bn
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