Altice Europe and US investment fund KKR have announced the creation of independent telecoms tower company Hivory, following the successful completion of KKR’s acquisition of a 49.99% stake in a portfolio of more than 10,000 of Altice’s French towers. Through Hivory, Altice and KKR will seek to partner with all mobile operators to develop their coverage and densification objectives in France, through the build-to-suit of new towers and facilitating colocation needs in the French mobile market.
As previously reported by TeleGeography’s CommsUpdate, in June 2018 Altice entered an exclusivity agreement with KKR to form a new French company, comprising 10,198 sites operated by Altice’s French subsidiary Altice France (SFR Group). The deal will also involve building 1,200 new towers, which would generate EUR250 million in proceeds for SFR within four years. The transaction valued the tower portfolio at an enterprise value of EUR3.6 billion (USD4 billion).