Altice International - comment

Sky News reported yesterday that Altice are in discussions with Tremor (UK AIM listed - £250m market cap) about a potential combination.  Tremor reduced its FY23 guidance for adj, EBITDA in August to $90m from $140m due to lower volumes and high sales team turnover.  Tremor has a net cash position of $95m, valuing the business of projected FY23 EBITDA at 2.3x or c. €200m.  

Altice International investors would prefer to see Altice International selling their TEADS business. Any acquisition of Tremor would not have a material impact on the bonds, albeit a further distraction to Altice management.