European Clinches Dominican Teleco

Orange has agreed to sell its Dominican Republic business to Luxembourg-based telecom Altice for $1.44bn, the two say. Lazard advised Atlice on the transaction. The buyer has committed financing from Goldman Sachs, CFO Dennis Okhuijsen tells LatinFinance, and would likely tap the European bond market for more permanent financing, ideally before the end of the year. The transaction, subject to approval by Dominican Republic authorities, will be submitted to the board of directors of Orange during the week beginning December 9. For Orange, the deal is a step in the streamlining process it started in 2011. Orange Dominicana provides mobile telephone and Internet services to retail and business customers in the Dominican Republic. It had 2012 revenue of EUR451m ($613m) and 3.4m subscribers at the end of September.