According to advanced-television.com, French parent company Altice Group intends to invest EUR500 million (USD623.5 million) in its recently acquired Portuguese cableco Cabovisao this year. The funds will largely be used to boost the number of TV channels offered by the company, and to expand its coverage in large cities such as Lisbon, Porto, Braga and Guimaraes.
Interestingly, Altice has also budgeted for the acquisition of other companies, with some negotiations already said to have reached the ‘advanced stage’. Investment will be made exclusively using available equity. As previously reported by TeleGeography’s CommsUpdate, Altice paid Canada’s Cogeco Cable EUR45 million for Cabovisao in February this year, after the Canadians contacted a number of domestic and international telecoms operators and private equity funds with a view to offloading the wholly-owned unit.
Altice is a telecoms investment group founded by Frenchman Patrick Drahi, which specialises in the acquisition of cablecos. Altice currently holds telecoms interests in France, Belgium and Luxembourg (Numericable), Israel (HOT Telecommunications Systems), Switzerland and the Caribbean.