PARIS (Reuters) - Altice (ATCA.AS) has agreed to sell its Swiss telecommunications solutions business and Data Center operations, the telecoms and cable company said on Friday, as it seeks to reduce its 50 billion euro ($59.6 billion) debt burden.
The deal to sell Green.ch AG and Green Datacenter AG to InfraVia Capital Partners valued the business at around 214 million Swiss francs ($217.5 million), or 9.9 times long-term adjusted EBITDA, and is expected to close in early 2018, it said in a statement.
Altice’s share price has halved since it reported disappointing quarterly results in France last month.
Patrick Drahi, its billionaire founder and majority owner, fired CEO Michel Combes and pledged last month that Altice would shift away from acquisitions and focus on cutting its debt.
Altice had said it had identified assets that could be sold, including its portfolio of telecoms towers.
($1 = 0.8391 euros)
($1 = 0.9838 Swiss francs)
Reporting by Dominique Vidalon; editing by Jason Neely