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.
In recent months, the company has sold off its Swiss business unit and has publicly sort suitors for its entire operations in The Dominican Republic.
Altice’s share price has continued to slump over the past 6 months as investors wrestle with the size of the company’s debt.