November 24, 2013 / 9:45 PM / in 4 years

France's Orange nears sale of its Dominican business to Altice-Bloomberg

Nov 24 (Reuters) - France’s largest telecom operator Orange SA is close to reaching an agreement with Altice on the sale of its Dominican Republic business, Bloomberg reported on Sunday citing three people familiar with the matter.

Bloomberg, citing one of the sources, reported that an agreement could be announced as soon as this week.

A spokeswoman for Orange said the company does not comment on speculation.

Altice, a Luxembourg-based cable and telecommunications company, could not immediately be reached for a comment outside regular business hours.

The sale of the unit would be at a price “significantly over” 1 billion euros ($1.35 billion), Orange’s Chief Executive Stephane Richard on Friday said at a Morgan Stanley investor conference in Barcelona.

Sale of Orange Dominicana, which provides mobile telephone and Internet services to retail and business customers in the Dominican Republic, would increase financial flexibility for the parent company as it looks to cut debt.

Orange Dominicana had 2012 revenue of 451 million euros and its subscriber base grew 5.4 percent in the first quarter of 2013, which was faster than in 2012.

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