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.