Dominican state to receive RD$15 billion from sale of Tricom and Orange

SANTO DOMINGO. It is expected that this year the Dominican government will receive more than US$360 million (or RD$15.4 billion at the current exchange rate) from the sale of the telecommunications companies of Tricom and Orange to the French multinational corporation Altice for US$1.8 billion. In addition, there are the resources that the government will receive from the fusion of the Leon and BHD financial groups which included the purchase of the shares held by Banco Sabadell from Spain in the first of these joint business ventures.

During his conversations in the country, the founder of the Altice Group, Patrick Grahi, who said that he was happy to have invested US$1.8 billion in the Dominican Republic as he acquired 100% of the shares of Orange and 88% of the shares of Tricom. He said that the government will receive about 20% for taxes as the transaction is completed.

In the meantime, the fusion of the two financial groups is waiting for the state to receive the payment of the corresponding taxes on the registration of new capital and for the transaction in which they acquire the shares of the Sabadell Bank.

According to information offered by the Altice founder, the process of ratification by the authorities could take until February so that starting then they will begin with new offers for the consumers.