Altice wants €3bn for Dominican Republic ops

French telecoms group slaps multi-billion-euro price tag on fixed and mobile operator, sources say

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Altice is looking to raise as much as €3 billion from the sale of its operations in the Dominican Republic.

The figure came from Reuters, which quoted two unnamed sources close to the situation.

The French telecoms group has embarked on a debt-reduction scheme that will, amongst other things, see it offload non-core assets over the next six months or so.

On Monday Altice denied market speculation that it is considering raising cash through a share issue, but confirmed that certain businesses will be sold off as it tackles its debt burden and moves to turn its European businesses around.

The firm has grown rapidly in recent years, making a series of high-profile acquisitions, backed by debt, that left it with a debt pile of €49.56 billion, as of the end of September.

Altice's troubles in Europe led to the resignation of chief executive Michel Combes earlier this month. Company founder and shareholder Patrick Drahi returned as president of Altice, while Dexter Goei has replaced Combes as CEO, a post he has held before, prior to his appointment as chief executive of Altice USA.

The company said it will sell of its telecoms towers as part of its deleveraging plan, and speculation is now mounting about which other assets will also go.

This week the Financial Times reported that fixed and mobile operator Altice Dominican Republic is on the block, but it did not comment on the value of any deal.

It also noted that Altice is looking to raise a couple of hundred million euros from the sale of a small business services provider in Switzerland.