Altice Europe: separates Portugal fiber unit in equity deal

(CercleFinance.com) - Telecom operator Altice is separating its Portuguese fiber unit into a dedicated wholesale vehicle as part of an equity deal with US investment bank Morgan Stanley.


Altice Europe said that it will sell a minority equity stake of 49.99% in Altice Portugal FTTH to Morgan Stanley's infrastructure investment arm to create a nationwide fibre wholesaler in Portugal.

The transaction values Altice Portugal FTTH at 4.6 billion euros, the operator said.

For its 49.99% stake, Morgan Stanley will pay close to 1.6 billion euros in 2020, 375 million euros in 2021 and 375 million euros in 2026, subject to some performance conditions, Altice said.

Altice Europe said that it has now obtained cash proceeds of over 5.7 billion euros through the transformation of SFR FTTH assets and various tower sales and partnerships announced in 2018.

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