Altice Europe to Create Fiber Wholesale Business in Portugal With Morgan Stanley Infrastructure Partners

Date : 12/13/2019 @ 7:36AM
Source : Dow Jones News
Stock : Altice Europe NV (ATC)
Quote : 6.108  0.072 (1.19%) @ 4:40PM

Altice Europe to Create Fiber Wholesale Business in Portugal With Morgan Stanley Infrastructure Partners

Altice Europe NV (EU:ATC)
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   By Cristina Roca 
 

Altice Europe NV (ATC.AE) said Friday that it has agreed to separate its fiber activities in Portugal into a dedicated wholesaler and sell a 49.99% stake in the business.

The Amsterdam-listed telecoms company said its subsidiary MEO has signed an agreement with Morgan Stanley Infrastructure Partners.

The deal gives Altice Portugal FTTH, which comprises all of MEO's fiber assets in Portugal, an enterprise value of 4.63 billion euros ($5.16 billion).

As part of the deal, Altice will receive EUR1.6 million of cash in 2020, plus, based on some performance ratchets, a further EUR375 million in December 2021 and EUR375 million in December 2026.

The deal will help Altice in its efforts to reduce its debt, the company said.

The transaction with Morgan Stanley Infrastructure Partners should close during the first half of 2020, Altice said.

 

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

 

(END) Dow Jones Newswires

December 13, 2019 02:21 ET (07:21 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.


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