Altice France has entered into a â¬ 415 million (approximately $ 487 million) deal to acquire national challenger Coriolis Telecom, securing more than half a million customers.
Under the terms of the agreement, Coriolis will receive an upfront payment of â¬ 298 million and deferred consideration of â¬ 117 million. The deal is expected to be finalized in the first half of 2022, subject to regulatory approval.
Coriolis provides French consumers with ADSL and fiber services, relying on wholesale access to the country’s public initiative networks to provide them. It also offers mobile services via MVNO The agreements with Orange and Altice France, a subsidiary of SFR.
The company does not report metrics, but Altice France noted in a press Release Coriolis serves more than 500,000 fixed and mobile customers in small and medium-sized French towns and 30,000 businesses. Its activity includes a customer service center, Coriolis Service, with four contact centers in France and abroad.
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In a statement, Altice France CEO and President Gregory Rabuel called Coriolis “a large, fast-growing company with a client proposition that would be very complementary to SFR”.
He indicated that Coriolis staff, including its founder Pierre Bontemps, would join Altice France.
“We look forward to bringing the significant experience and expertise of the entire Coriolis team to Altice France and working together to further improve our customer offering and fully realize Coriolis’ excellent growth prospects,” said Rabuel .