Altice: Altice reaches tower sales agreements in France and Portugal
Altice: (BUY, Fair Value EUR3,7 (+6%))Altice reaches tower sales agreements in France and Portugal
Altice Europe announced yesterday it has entered into agreements for the sale of equity stakes in its telecommunication towers businesses in France and Portugal for a total cash consideration of EUR2.5bn. We view the operation as positive for the group, but deleveraging is still limited at this point and the operational turnaround challenges remain intact.
Altice Europe is a provider of cable, fiber, mobile, telecommunications, content and media in Western Europe (comprising France, Portugal, Belgium, Luxembourg1 and Switzerland), the United States of America (U.S.), Israel, the Dominican Republic and the French overseas territories (comprising Guadeloupe, Martinique, French Guiana, La Reunion and Mayotte). Through its various business operations, Co. provides fixed services, mobile telephony services (other than in the U.S.) and media and advertising services to B2C and B2B customers in all of the geographies in which it operates. In addition, Co. offers a variety of wholesale and other services.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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