Dutch-based telecoms and cable group Altice plans to raise 2.5 billion euros or $2.9 billion by selling stakes in its telecoms towers businesses in France and Portugal to reduce its debt.

The group, whose founder is billionaire Patrick Drahi, is restructuring to revive its fortunes after growing rapidly in recent years through a series of acquisitions. Its plan is to build up the towers businesses and boost revenues through the stake sales, it said.

Altice has entered an agreement with U.S.-based KKR to form a new French company called SFR TowerCo, comprising 10,198 sites operated by Altice’s French susbsidiary SFR. The private equity firm will have a 49.9 percent stake, Reuters reported.

That deal will also involve building 1,200 new towers. Altice said it would generate 250 million euros in proceeds for SFR within four years. The transaction values SFR TowerCo at an enterprise value of 3.6 billion euros.

Altice’s Portuguese subsidiary will also sell 75 percent stake of a newly-formed Portuguese towers business, to be named Towers of Portugal (TOP), to Morgan Stanley Infrastructure Partners and Horizon Equity Partners. That business has 2,961 sites and includes an agreement for 400 new towers.

Alain Weill, chief executive officer of Altice Europe, said proceeds from the agreements would go toward reducing the group’s 31 billion-euro debt in Europe.