The Orange Group says it has reached an agreement with Altice, a Luxembourg-based cable and telecoms private equity firm, to sell its business unit in the Dominican Republic.
A deal announcement was expected this week, and Stephane Richard (pictured), Orange CEO, got his wish that the price should be in excess of €1 billion. The two parties agreed on an enterprise value of €1.1 billion.
The transaction is subject to the approval of the Dominican Republic authorities and will be submitted to the Orange Group board for approval during the week commencing 9 December.
Orange Dominicana had revenues of €451 million during 2012 and notched up 3.4 million subscribers by the end of September 2013.
America Movil’s Claro is the leading mobile operator in the Dominican Republic with 4.6 million subscribers.
Altice owns and operates various cable, mobile, internet and data-centre companies across Europe and the Indian Ocean region
The private equity firm beat off completion from the likes of Digicel, owned by Denis O’Brien, the Irish billionaire, and Cable & Wireless Communications, the UK-listed telecoms group, to secure the Dominican deal with Orange.