France Telecom to sell Dutch cable-tv unit.

Financial News, December, 2002

France Telecom Thursday said it reached an agreement to sell its Dutch cable-television unit, Casema Holding, to a consortium of buy-out firms for [euro]655m ($671.9m) in cash.The sale to Carlyle Group, Providence Equity Partners and GMT Communications Partners should be completed before the end of January, the French telecommunications operator said.

France Telecom, under pressure to reduce a [euro]70bn debt load, said part of the proceeds -- [euro]155m -- will be allocated to paying back Casema's debt. Its net gain will amount to [euro]510m, the company said.