Altice Europe NV (EU:ATC)
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3 Months : From Nov 2019 to Feb 2020
By Cristina Roca
Altice Europe NV (ATC.AE) said Friday that it has agreed to separate its fiber activities in Portugal into a dedicated wholesaler and sell a 49.99% stake in the business.
The Amsterdam-listed telecoms company said its subsidiary MEO has signed an agreement with Morgan Stanley Infrastructure Partners.
The deal gives Altice Portugal FTTH, which comprises all of MEO's fiber assets in Portugal, an enterprise value of 4.63 billion euros ($5.16 billion).
As part of the deal, Altice will receive EUR1.6 million of cash in 2020, plus, based on some performance ratchets, a further EUR375 million in December 2021 and EUR375 million in December 2026.
The deal will help Altice in its efforts to reduce its debt, the company said.
The transaction with Morgan Stanley Infrastructure Partners should close during the first half of 2020, Altice said.
Write to Cristina Roca at firstname.lastname@example.org; @_cristinaroca
(END) Dow Jones Newswires
December 13, 2019 02:21 ET (07:21 GMT)
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