Orange SA, France’s biggest phone company, is nearing an agreement to sell its Dominican Republic unit  for “well over” EUR 1 billion (approximately USD 1.35 billion), the Wall Street Journal reports, citing Orange CEO Stephane Richard. “The probability that we’ll make a Dominican Republic announcement in coming days is very high,” Richard said. “It’s for a value well above what had been expected, well above EUR 1 billion”, he added. The statement was made at a Morgan Stanley investor conference in Barcelona.

Richard declined to name the buyer or give further details related to the deal. Separately, three sources familiar with the matter told Bloomberg that the likely buyer is cable investment group Altice. The latter last month acquired the Dominican operator Tricom.

Orange put the unit up for sale this summer to reduce debt and increase its financial flexibility to participate in an expected wave of consolidation in Europe. Orange had set a mid-November deadline for bids for the company, people familiar with the matter said last month. Parties interested in the acquisition were Cable & Wireless Communications, Jamaica’s Digicel, and Dominican conglomerate Grupo Leon Jimenes, the WSJ’s sources added.