Altice Portugal will get new gives for fiber community, sees sale ‘quickly’: CEO

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LISBON (Information) – Altice is analyzing gives it has acquired in the previous few months for its Portuguese fiber optic community and expects the long-awaited sale to occur “very quickly,” the telecoms agency stated on Thursday.

Altice Europe, based by billionaire Patrick Drahi, initially aimed to promote the community by the second quarter of this 12 months to cut back its debt, which in 2018 represented greater than double its annual income.

The Amsterdam-listed group has flipped its technique from cost-cutting towards gaining purchasers and promoting infrastructure belongings in a bid to cut back debt and lift its inventory worth.

With out naming any potential consumers, Altice Portugal CEO Alexandre Fonseca stated the variety of buyers dropped to simply two in August from 10-12 in mid-March however “numerous” new gamers have now entered the market with “very attention-grabbing, concrete proposals”.

Fonseca has described the community as “beneficial” however didn’t estimate a sale worth.

Drahi stated on a convention name on Wednesday that some bidders had made “agency gives” however declined to offer a timetable for a sale.

Fonseca informed reporters on Thursday a sale is anticipated “very quickly” however the agency is in “no rush.”

The community enterprise serves four.eight million Portuguese houses and goals to cowl 5.three million by subsequent 12 months. The corporate expects to launch three or 4 new initiatives within the coming months which purpose to diversify its income stream, Fonseca stated.

Additionally it is “actively pursuing” increasing into digital providers, capitalizing on the agency’s 40% market share in cellular networks.

Altice Portugal launched its third-quarter outcomes on Wednesday, reporting a 2.1% improve in income to 536 million euros.

Quarter-on-quarter income development slowed to 1.eight% from three.four% within the second quarter however remained above the market charge of zero.7%.

Reporting by Victoria Waldersee; enhancing by Catarina Demony and Jason Neely