Altice closes €5.8B PT Portugal deal – Mobile World Live

Altice closes €5.8B PT Portugal deal

03 JUN 2015

Altice, the ambitious European cable and mobile operator, completed the acquisition of the domestic assets of Portugal Telecom, known as PT Portugal.

Completing the sale is a further step in Altice’s ambitions which has seen it become a significant force in Europe’s mobile market in little more than a year. PT Portugal is the country’’s largest mobile and fixed network.

The deal was originally pegged at €7.4 billion but a statement by seller Oi said Altice Portugal paid the total amount of €5.79 billion for the acquisition of PT Portugal, of which €4.92 billion was paid in cash to Oi and €869 million was allocated to immediately repay outstanding debt owed by PT Portugal.

Altice told Mobile World Live the original price did not include accrued pension liabilities of €1.1 billion as well as a €500 million consideration relating to future revenue generation of PT Portugal. Subtracting these two sums brings the price down to €5.79 billion.

Oi also added the final purchase price is subject to post-closing adjustments to be calculated within the next months as a result of changes in the cash, indebtedness and working capital positions on the closing date.

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Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

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