Altice France struck a €415 million (approximately $487 million) deal to acquire domestic challenger Coriolis Telecom, netting itself more than half a million customers in the process.
Under the terms of the agreement, Coriolis will receive a €298 million payment upfront and a deferred consideration of €117 million. The deal is expected to close in the first half of 2022, pending regulatory approval.
Coriolis provides French consumers with ADSL and fiber services, leveraging wholesale access to public initiative networks in the country to deliver the latter. It also offers mobile services through MVNO agreements with Orange and Altice France subsidiary SFR.
The company doesn’t report metrics, but Altice France noted in a press release Coriolis serves more than 500,000 fixed and mobile customers in small and medium French cities and 30,000 companies. Its operations include a customer service division, Coriolis Service, with four contact centers in France and abroad.
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Altice France CEO and chairman Gregory Rabuel in a statement hailed Coriolis as a “great, fast-growing company with a customer proposition that would be highly complementary to SFR.”
He indicated Coriolis’ staff, including its founder Pierre Bontemps, will join Altice France.
“We look forward to bringing onboard the significant experience and expertise of the entire team of Coriolis to Altice France and working together to further improve our customer proposition and to realize in full the excellent growth prospects of Coriolis,” Rabuel stated.