Luxembourg-headquartered telecoms investment firm Altice Group (Euronext:ATC) has completed its sale of the mobile operations of Outremer Telecom in La Reunion and Mayotte to Hiridjee Group.
The sale of the Indian Ocean island assets came as part of…
Luxembourg-headquartered telecoms investment firm Altice Group (Euronext:ATC) has completed its sale of the mobile operations of Outremer Telecom in La Reunion and Mayotte to Hiridjee Group.
The sale of the Indian Ocean island assets came as part of the conditions imposed by French antitrust watchdog l’Autorité de la Concurrence on Altice’s acquisition of cellco SFR, which now trades as fixed-mobile operator Numericable-SFR.
Altice did not disclose the value of the deal, which it carried out in-house.
Altice retains the fixed-line assets of Outremer, which it owns thanks to last year’s acquisition of SFR.
The purchase agreement was signed on 23 June.
Madagascar-headquartered consortium Hiridjee Group owns assets comprising infrastructure, mobile telephony, energy, and petroleum products distribution.
Shareholder Hussein Hiridjee is a board member at Madagascan incumbent Telma and chairman at leading local ISP Moov Madagascar, according to LinkedIn.
In separate news, Altice announced that it acquired an additional 1,298,398 shares in Numericable-SFR (EPA:NUM) on 31 July at a price per share of €49.75. The total consideration of the transaction is €64.6m.
The shares represent 0.3% of Numericable-SFR, raising Altice’s total ownership to 78.03%, a spokesperson explained. The remainder is listed on Euronext Paris.
Reporting Q2 2015 results last week, the company said that in France, revenue was down by 2.5% year-on-year (following a 4.5% dip in Q1), but up 1.4% on Q1 2015.
At that time, CEO Dexter Goei said there were no concrete plans to make a further bid for Bouygues, after its €10bn bid was refused in June, adding that it was “clearly not a focus for us today”. The company is awaiting regulatory approval for its US$9.1bn acquisition of 70% of US cableco Suddenlink, and reworking its share structure in order to facilitate further M&A.
