Media and telecoms group Altice, which has seen its share price tumble in recent weeks, will hold off on further acquisitions and instead focus on cutting debt, executives said Wednesday. The company has emerged as a major telecoms player in Europe and the United States in recent years with a series of debt-financed acquisitions, but disappointing earnings have renewed concerns about its towering debt.
"We'll be focused on de-leveraging European assets," said Altice Group's chief financial officer, Dennis Okhuijsen, at a conference organised by Morgan Stanley in Barcelona. "We'll be very focused on no M and A, going back to the basics, have no expenditure unnecessary for corporate development," he added. Altice will even look at the "potential sale of non-core assets, potential tower sales," added Okhuijsen.
Altice has grown rapidly since it was founded in Luxembourg in 2001, moving into the cable, content production, telecom, media and online video advertising sectors.