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Indotel approves sale of Orange to Altice Group

SD. The Dominican Telecommunications Institute (Indotel) reported yesterday that they approved the transfer of the assets of the Orange Dominicana telephone company to the Altice Republica Dominicana enterprise.

According to a communiqué, the approval of the sales contract of Orange to Altice is contained in the resolution 017/14 of the Board of Directors of Indotel

Last 7 March, Indotel approved the purchase by Altice of the shares of the Tricom telephone company, “which together with this transaction implies a commercial operation which is over US$1.8 billion, equal to 1.5% of GDP of the country.’

Indotel noted that for the concept of taxes on both transactions (Tricom and Orange), the Dominican state will receive a sum of over RD$10 billion. The resolution by the Board of Directors of Indotel is signed by the chairman of the entity, Gedeon Santos and Temistocles Montas, the Minister of Economy, Planning and Development and an ex-oficio member of the Indotel board.

The Altice multinational, with headquarters in Luxembourg, had revealed on its website at the end of October 2013 its offer to acquire Orange Dominicana for US$1.415 billion. The agreement included the continued use of the Orange brand by Altice in the Dominican Republic.

“The transaction between the two foreign companies is a demonstration of the judicial security that exists in the country,” indicated Indotel.

Source: DiarioLibre

Category: DR News |

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Last updated March 25, 2017 at 5:40 PM
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