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Cogeco sells struggling Portugal cable unit
2012年2月29日 / 下午5点13分 / 6 年前

Cogeco sells struggling Portugal cable unit

Feb 29 (Reuters) - Cogeco Cable has sold its struggling Portugal unit Cabovisao to European media and telecoms investment group Altice for 45 million euros ($60 million), the Canadian cable company said on Wednesday.

Cabovisao provided Cogeco with roughly 13 percent of its total revenue in fiscal 2011, but the venture was losing subscribers amid a pricing war with state-owned Portugal Telecom and ZON Multimedia, that had shrunk profit margins.

It took a charge of C$225.9 million to write off the Portugal investment in July last year.

Cogeco provides cable TV, high-speed Internet and telephone services in mostly rural areas of Ontario and Quebec.

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