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OTTAWA – Canadian cable operator Cogeco Inc. has sold its Portuguese cable operation Cabovisão – Televisão por Cabo SA to European Group Altice for $59 million.
Montreal-based Cogeco in 2006 paid parent Cable Satisfaction International $656 million for Cabovisão, Portugal’s second-largest cable system.
That acquisition was part of a diversification into Europe by Cogeco from a maturing Canadian cable market.
But already by 2009, the struggling Cabovisão operation had Cogeco starting to write down the value of its Portuguese business amid a European recession and subscriber losses.
Cogeco said it will use the proceeds of the Cabovisão sale to focus on the Canadian market.
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