Altice will continue to divest non-core assets in an attempt to real in its levels of debt
Altice Europe has agreed to sell off its Telecommunications Towers Business in the Dominican Republic, according to a company release.
Phoenix Tower International will purchase 100 per cent of Teletorres del Caribe for a total of $170 million.
The business comprises 1,049 sites currently operated by Altice Dominicana. Altice has said that it will draw up a 20-year partnership agreement setting out a clear partnership framework between the two companies, intended to support the ongoing development of Altice’s remaining Dominican network.
"Altice Dominicana will pursue its long-term industrial project and continue providing best-inclass telecommunication services to its subscribers, as part of the Altice Group. The transaction is expected to close during Q3 2018 and is subject to the effective de-merger and customary closing conditions," Altice said in a statement to the press.
Altice is continuing its policy of selling off its non-core assets in an attempt to reduce its large levels of debt.
Altice’s share price has continued to slump over the past 6 months as investors wrestle with the size of the company’s debt.