Altice continued its drive to dispose of non-core assets by entering into an agreement to sell its international voice business, as the company looks to reduce debt amassed from aggressive M&A in recent years.
In a statement, Altice said it had agreed to sell its international wholesale voice carrier business in France, Portugal and the Dominican Republic to France-based telecoms company Tofane Global. The value of the deal was undisclosed.
“This transaction shows further execution of Altice’s non-core assets disposal programme to strengthen the company’s long-term balance sheet position and focus on improving the operational and financial results of its key franchises,” Altice said in a statement.
The company has worked to reduce its debt level since Q3 2017 and said it would dispose of non-core assets before mid-2018, as well as scale back aggressive M&A activity conducted in recent years.
As of Q3 2017, the company’s debt pile stood at around $50 billion and its problems seemed to mount with the departure of CEO Michel Combes.
In February, one of Altice’s largest institutional investors also cashed in on its shareholding due to concerns about the company’s future.
In January, the company decided to spin off its US unit and restructure its European operations, which includes French operator SFR, in a shake-up intended to help curb a slump in performance.
Altice’s Dominican Republic unit and its subsidiary in Portugal are rumoured to be on the chopping block.