Luxembourg-based telecoms investor Altice (AMS:ATC) will not go after Dutch incumbent KPN (AMS:KPN), CEO Dexter Goei has said. The comments come after 21% owner America Movil at its Q2 results on Friday reclassified KPN as an “asset available for…
Luxembourg-based telecoms investor Altice (AMS:ATC) will not go after Dutch incumbent KPN (AMS:KPN), CEO Dexter Goei has said. The comments come after 21% owner America Movil at its Q2 results on Friday reclassified KPN as an “asset available for sale.”
In an interview with local newspaper De Telegraaf, he said the acquisitive group was instead focused on integrating France’s SFR and Portugal Telecom, and also closing its US$9bn Suddenlink acquisition in the US.
Altice had been linked to possible interest in the 21% stake in KPN held by Mexico’s America Movil, but now views such a deal as too pricey.
In May, America Movil issued €3bn (US$3.3bn) in five-year convertible bonds that can be switched for KPN shares at a later date, triggering talk of a possible sale.
Goei was recently quoted expressing Altice’s interest in KPN, emphasising however that the two companies were not in talks.
Such a move would be good for the Dutch economy and telecoms infrastructure, as Altice was in a position to invest far more into networks than KPN does at present.
Despite this, Goei said an acquisition wouldn’t necessarily have to take place this year, adding that Altice’s approach was always “unhostile”.
