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Altice Will Sell European Towers Stakes, Raising $2.9 Billion 2018-06-20, Bloomberg

Altice Europe NV is raising 2.5 billion euros ($2.9 billion) in cash by selling stakes in mobile transmission towers in France and Portugal, as the telecommunications company tries to rein in debt.

As part of the sale plan, Altice is creating a company with private equity firm KKR & Co. for the more than 10,000 towers it owns in France and setting up a similar venture for the Portuguese assets with Morgan Stanley and Horizon Equity Partners, the company said Wednesday in a statement. The proceeds of the sale are “significantly ahead of expectation,” said Robert Grindle, a Deutsche Bank AG analyst who was expecting them to be about 2 billion euros.

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