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6/20/2018, 7:08 PM (Source: TeleTrader)
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Altice Europe to get €2.5B from tower asset sale

Telecommunications company Altice Europe NV said on Wednesday it would spin off two tower businesses and that a deal with investors would make the French one the largest in the country.

KKR and Co. agreed to buy 49.99% of a newly created SFR Tower Co., operating 10,198 sites, in a transaction valuing the affiliate at €3.6 billion, it added. The Amsterdam-based corporation revealed 1,200 more units would be built, bringing proceeds estimated at €250 million in the next four years.

Together with a sale of subsidiary PT Portugal's 75% stake in a tower company to be formed, the total windfall will be €2.5 billion, Altice said. The future Towers of Portugal will be worth €660 million, according to details of the sale to a consortium including Morgan Stanley Infrastructure Partners and Horizon Equity Partners, the press release adds. The unit will build 400 units to generate €60 million within the next four years, according to the statement.​ Altice France and PT Portugal announced the signing of 20-year master agreements.

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