French shipping firm CMA CGM in exclusive talks to buy Altice

French shipping firm CMA CGM said on Friday that it has entered into exclusive talks to buy telecoms group Altice for an enterprise value of €1.55bn.

Altice - which is owned by French billionaire Patrick Drahi - would be jointly acquired by CMA CGM and Merit France, with an 80% and 20% share, respectively.

CMA said the deal would allow it to "shape a long-term media division of highest-quality news, sports and entertainment contents, with an editorial vision based on pluralism, independence, and work ethic and geared towards economic, social, and territorial themes".

Rodolphe Saadé, chairman & chief executive of CMA CGM , said: "Through this contemplated acquisition, we have the ambition to pursue our long-term development into the media sector.

"Altice Media is a reference media group, with strong growth, talented teams, and iconic brands. Altice Media’s complementarity with CMA CGM’s existing media division and its renowned medias, La Provence, Corse Matin, La Tribune et La Tribune Dimanche, will be a key strength.

"Together, at any time, in any place and on any device, we can be the voice of the challenges resulting from innovation and by economic, social, and territorial evolutions."