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.