2023-11-21 13:14:13
Patrick Drahi committed at the beginning of September to accelerating Altice’s debt reduction. STEPHANE DE SAKUTIN / AFP
Patrick Drahi’s group, which retains a minority share in the capital, should recover a little more than 500 million euros in this operation.
The operation had been in the works for several months. Engaged in a vast debt reduction process to reassure its creditors, Altice France announced this Tuesday morning a major operation with the opening of the capital of its data centers in France, currently operated by SFR. The French telecoms and media group has created a new entity for this purpose, called UltraEdge, to bring together its 257 data centers in France. This structure will be 70% owned by Morgan Stanley Infrastructures Partners.
The transaction values UltraEdge at 764 million euros, or 29 times the Edbidta, a little more than what some analysts expected even if Altice had previously mentioned a valuation of 1 billion euros for this asset. By selling more than two thirds of the capital, Altice France should recover a little more than 530 million euros, retaining 30% of the capital. Moreover, “SFR will enter into a custom construction contract with UltraEdge which should…
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