Altice is selling off its non-core assets to reduce its levels of debt, which currently stand at nearly €50 billion (£44 billion)
International telecoms provider Altice has announced that it has sold its Swiss telecoms business solutions and data centre for €180 million (£159 million), according to a company statement.
The business unit is being sold to Infravia Capital Partners, with the deal expected to close in early 2018.
The Swiss business units are comprised of Green.ch and Green Data Centre, which boast over 100,000 customers.
The sale comes shortly after Altice announced that it was in debt to the tune of around €50 billion (£44 billion). The money from the sale of its Swiss business units will be treated as part of Altice’s debt reduction scheme and is expected to go towards paying down that debt.
Altice has recently looked to divest its non-core assets in an attempt to reduce its levels of debt. In the last month, it has sort to raise as much as €3 billion (£2.6 billion) by selling off its telecoms operations in the Dominican Republic.
Altice’s high levels of debt led to the resignation of the company’s chief executive officer, Michael Combes, in November, with Dexter Goei taking over the reins.
Altice’s shares have continued to fall over the last three months, as the market reacts to news of the company’s debt levels. Altice’s share price on the Amsterdam Exchange has fallen from a high of €23.26 in June, to just €6.80 today.