Orange has agreed to sell its Dominican Republic business to Luxembourg-based cable and telecommunications company Altice for $1.4 billion as France's largest telecom operator seeks to cut debt."We welcome this deal for Orange as it gives the company important cash in by selling an asset that we do not see as core for Orange," Espirito Santo analysts wrote.They added that the deal strengthened Orange's balance sheet and provided "reassurance on the group's dividend commitment".Orange's head Stephane Richard said on Friday that he expected to announce the sale at "significantly over" 1 billion euros ($1.36 billion) in the next few days, adding that the deal would increase the group's financial flexibility.
Orange SA, formerly France Telecom SA, is a France-based company that is engaged, principally, in the provision of integrated telecommunications services. Shares of ORAN remained unchanged at $12.82. In the past year, the shares have traded as low as $9.10 and as high as $14.68. On average, 906788 shares of ORAN exchange hands on a given day and today's volume is recorded at 0.
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