PARIS Dec 22 Altice, the parent of
French telecoms firm SFR Group, said on Thursday it
has agreed to sell its businesses in Belgium and Luxembourg to
Telenet Group for an enterprise value of 400 million
euros ($418 million).
The Netherlands-based holding, controlled by Franco-Israeli
tycoon Patrick Drahi, is focusing on its larger operations in
France and the United States, where it is considering an initial
public offering (IPO) of its subsidiary Altice USA.
The sale of the businesses in Belgium and Luxembourg will be
made on a cash and debt free basis. The deal is expected to
receive approval from the Belgian antitrust authorities "within
a few months," Telenet said in a separate statement.
The deal values the two businesses, dubbed SFR BeLux, at 6.5
times estimated adjusted earnings before interest taxes,
depreciation and amortisation (EBITDA) for 2016, Telenet said.
It said the acquisition of SFR BeLux will allow Telenet to
extend its cable operations in Brussels and a part of Wallonia.
($1 = 0.9573 euros)
(Reporting by Mathieu Rosemain; editing by David Clarke)