June 20, 2018 / 3:54 PM / a month ago

Altice selling stakes in French, Portuguese telecom towers to cut debt

PARIS, June 20 (Reuters) - Telecoms and cable group Altice said on Wesnesday it had agreed to sell stakes in its towers businesses in France and Portugal, raising a combined 2.5 billion euros ($2.90 billion)which will go towards paying down a hefty debt pile.

The group, founded by billionaire Patrick Drahi, said it had entered an exclusivity agreement with KRR to form a new French company called SFR TowerCo in which the private equity firm will have a 49.9 percent stake.

It will sell a larger 75 percent chunk of a newly-formed Portuguese towers business, to be named Towers of Portugal (TOP), to Morgan Stanley Infrastructure Partners and Horizon Equity Partners. ($1 = 0.8631 euros) (Reporting by Sarah White and Dominique Vidalon; editing by Richard Lough)

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