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The deal will see Altice take full control of mobile virtual network operator (MVNO) Coriolis, incorporating roughly 500,000 subscribers
Last September, SFR’s parent company, Altice France, announced that it had struck a deal to acquire Coriolis Telecom for €415 million.
Coriolis Telecom, a MVNO created in 1999, targets small-and-medium-sized towns in France in both the B2C and B2B segments, serving customers over SFR’s network as well as that of SFR’s competitor Orange. The company currently has around 500,000 individual subscribers, 30,000 businesses customers, and 230 owned and affiliated points of sale.
On Monday, Altice France announced that it had received the green light for the proposed acquisition from the national competition regulator, Autorite de la Concurrence. The regulator approved the deal without attaching any conditions or obligations, saying it does not believe this deal will cause harm competition within the market.
Under the terms of the agreement, Coriolis will receive an initial payment of €298 million and a deferred payment of €117 million.
Altice France CEO and chairman, Gregory Rabuel, commended Coriolis for being a “great, fast-growing company with a customer proposition that would be highly complementary to SFR”.
Following the acquisition, Coriolis’s organisational chart will remain unchanged, with Coriolis founder, Pierre Bontemps, to continue his work within the group.
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