Indotel approves sale of Tricom to Altice Group

11 Mar 2014

Dominican telecoms watchdog, Instituto Dominicano de las Telecomunicaciones (Indotel), has approved the sale of Dominican integrated telecoms services provider Tricom to Luxembourg-based investment fund Altice Group, after several months of negotiations. According to an Indotel press release, the regulatory authority gave its permission for the transfer of 88% of Tricom to Altice Group, while the remaining 12% stake in the network provider will be retained by its previous majority shareholder Hispaniola Telecom, a company controlled by Amzak Capital Management and Inversiones Bahia.

As previously reported by TeleGeography’s CommsUpdate, in November 2013 Altice Caribbean, a subsidiary of Altice Group, signed an agreement to acquire Tricom for USD400 million. In addition, towards the end of the month, Paris-based Orange Group agreed to sell its Orange Dominicana unit to Altice for EUR1.1 billion (USD1.435 billion). In December 2013 Altice Group implemented bond-heavy financing worth USD1.685 billion to back the parallel acquisitions. That month Altice CEO Patrick Drahi revealed that Tricom and Orange Dominicana will be merged within a seven-month period, once the takeover of the two companies had been finalised.