Cogeco Cable has sold its struggling Portugal unit Cabovisao to European media and telecoms investment group Altice for 45 million euros ($60 million), the Canadian cable company said on Wednesday. Cabovisao provided Cogeco with roughly 13 percent of its total revenue in fiscal 2011, but the venture was losing subscribers amid a pricing war with state-owned Portugal Telecom and ZON Multimedia, that had shrunk profit margins.It took a charge of C$225.9 million to write off the Portugal investment in July last year.Cogeco provides cable TV, high-speed Internet and telephone services in mostly rural areas of Ontario and Quebec.
Cogeco Cable Inc. (Cogeco Cable) is a cable telecommunications company. Shares of CCA traded higher by 5.57% or $2.64/share to $50.03. In the past year, the shares have traded as low as $42.23 and as high as $54.28. On average, 43414 shares of CCA.TO exchange hands on a given day and today's volume is recorded at 47857.
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