Altice Europe has agreed to sell its Dominican Republic tower assets to Phoenix Tower International, in a deal which values the business at $170 million.
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Through its subsidiary Altice Dominicana, Altice Europe has entered into an agreement to sell its tower company Teletorres del Caribe, which currently comprises of 1,049 sites operated by Altice Dominicana.
In addition to the transaction, Altice Dominicana will enter into a 20-year 'master agreement’ with Teletorres del Caribe to set up a clear partnership framework between the two companies.
The company hopes to sells any non-critical assets in an attempt to cut debt. The company has experienced rapid growth in recent years through a number of debt-financed acquisitions including French telecoms group SFR.
But it was to slow its expansion due to a weak third-quarter which showed the company losing customers to competitors such as Iliad, Bouygues Telecom and Orange. As a result, Altice’s founder and billionaire, Patrick Drahi chose to split the company’s US and European operations and begin the process of selling its assets to cut debts and improve business performance.
The sale to Phoenix Tower, owned by private equity firm Blackstone, is due to take place during the third quarter of 2018.
