PARIS (Reuters) - Altice Europe said it had agreed to sell its Dominican Republic telecoms towers to Phoenix Tower International in a deal valuing the business at $170 million, as the telecoms and cable group continues to shed assets to cut debt.
Altice said the sale to Phoenix Tower, owned by private equity firm Blackstone, was expected to be completed during the third quarter of 2018.
Altice grew rapidly in recent years via a series of debt-financed acquisitions including French telecoms group SFR.
But the group was forced to moderate its expansion drive after weak third-quarter results showed the company losing customers to rivals such as Iliad, Bouygues Telecom and Orange.
Those problems prompted the company’s billionaire founder Patrick Drahi to split Altice’s U.S. and European operations, and embark on asset sales to cut debts and improve Altice’s business performance.
Reporting by Sudip Kar-Gupta; Editing by Laurence Frost